Clemens C. Jäger Livres

Wars may be lost, companies may go bankrupt and marriages may end in divorce. Such failures may be due to mistakes in decision-making. Strategic decision-making is of great and growing importance and decision-making in general is indeed the central issue in management and operations. It determines external as well as internal action and reaction. Managers have to make decisions and act so as to avoid bankruptcy but instead ensure the company's livelihood and enhance the company's value. These represent two of the major managerial goals. Shareholders eventually demand constant improvement in performance. It is, however, an art to appropriately assess situations of decision-making. Companies and their environment are typically dynamic and strategy cannot be viewed isolated as its success will depend on the decisions of others also. Game Theory as a theory of interaction provides appealing formal concepts and tools for examining such interdependent strategic behavior in business and economic settings. Although in literature hints can be found that Game Theory is already being applied by managers, the potential of Game Theory has not yet been exploited.

Deflations and depressions are extremely rare. The last severe deflationary depression occurred over 70 years ago. Most economists these days have lost their fear of another deflationary disaster. Events like the dotcom burst, the terrorist attacks of 9/11 and the recent subprime mortgage crisis, however, show that our financial systems and economies are not entirely invulnerable. A terrorist attack in the United States or problems in only one segment of the US economy, are events that made numerous economies around the world tremble. The integration of today's financial markets and the complexity of its products, make assessments of risk and economic predictions exceedingly difficult. Nobody knows how the next economic challenges in the United States or the European Union will look like and whether they will only affect local markets, challenge a number of economies, or cause a global avalanche that will drag many a country into a severe depression. This book aims to raise attention to the treat of a defla-tionary depression, contribute to a better understanding of its nature and heighten the awareness of present day economic threats and possible countermeasures.

Much research has been conducted about how emotions and experiences affect customer behaviour. However, little is known about whether there is a direct link between emotions and customer experiences on the one hand and true brand loyalty on the other hand in the German food sector. Due to mature markets and globalisation, competition is currently fierce in most industries. Brands and products become more similar to each other with regard to product functionality and quality. Therefore, it is today more important than ever for organisations to know how to differentiate themselves from competitors in order to increase their customers' loyalty towards them. True brand loyalty is highly important for organisations as it can not only lead to increased sales among the customer base, but also to positive word of mouth and brand support. However, it seems to be clear that true brand loyalty is not possible for all products and markets. Oliver argues that for products with low consumer involvement true brand loyalty will not be built. It is assumed, that consumption emotions and brand experiences are positively correlated to brand loyalty in the German food sector. Additionally, it is expected that brand loyalty is higher among older generations because the phenomena multi-brand loyalty and variety seeking developed among the younger ones. Furthermore, women are suspected to show greater brand loyalty than men because gender is often cited to effect consumer behaviour. This book intends to clarify these issues with regard to the German food industry.

The valuation of companies is subject of numerous debates both within economic theory as well as in practice. The valuation of Internet companies received, at least since the turn of the millennium, attention in literature. In the course of the New Economy, an increased interest in the success and the value of young and innovative Internet companies arose. However, the prospects of many of those companies have been misjudged. After it became apparent that a variety of internet-based business models were not economically viable and thus the high profit expectations could not be satisfied, the existing bubble burst, which led to a downturn in global stock markets and the disappearance of a large number of Internet companies. Against this background, with the Web 2.0 terminology, a new flourishing Internet sector developed in recent years. The term Web 2.0 was used for the first time in 2005 following a conference about the developments of the Internet for the time period after the New Economy. It was assumed that the New Economy crisis was a turning point and Internet companies, which had continued successfully despite the crisis, would have certain characteristics. Thereon, the presence of Web 2.0 and its relevance was discussed in detail. In addition, this discussion was increased by a variety of corporate takeovers in the internet sector, which reminded with its achieved purchase prices on the New Economy Bubble of the new millennium. Thus, Google, Inc. acquired the video platform Youtube in 2006 for $1.65 billion, although the platform could not generate any significant revenues at that time. One year later, Microsoft paid $240 million for a 1.6% minority share of the online social network Facebook making it worth $15 billion on secondary market. In early 2011 Goldman Sachs invested even $450 million in the online social network giving the company a theoretical market value of $50 billion. At the same time Web 2.0 companies yield outstanding high market valuations in the course IPOs. Thus, the professional online networking site Linkedin. com was valued at $9 billion on its first day at New York Stock Exchange in May 2011, even though the company was not expected to be profitable that year.

Looking at the turbulences in today’s markets and business environment, companies need to be prepared for sudden developments. The coequally increasing rapidity, as a result from the proceeding globalization, forms a special challenge with regards to that task. Hence, firms have to be prepared early enough in order to stand critical changes and utilize promising ones. Following that argumentation, it is entirely obvious that there is a need for early information to build business decisions upon. But how to obtain such prewarning knowledge? How can companies measure whether, when and to which extent they may become endangered by future critical events? Early warning indication is the answer to those questions. And exactly here, this book by Jaeger and Maciejewski starts its investigation. It analyzes the role of forecasts, leading indicators and weak signals in the light of financial crises. In so doing, this book provides a comprehensive overview of the adjacent management disciplines - risk and crisis management as well as management accounting. However, not only the theoretical models and concepts are examined in detail, but also the interrelation between those leadership approaches is illustrated. It is shown in how far early warning is integrated into those concepts and where the differences are. This publication highlights the utilization and necessity of prewarning knowledge. It is proven that especially under consideration of financial crises early indication plays a significant role – both strategically and operationally. Alongside the demonstration of the importance of that management approach, this book offers a critical discussion highlighting the limitations to early warning and concludes with the idea that there is still room for conceptual improvement – particularly in terms of strategic early indication.

This collected edition contains scientific articles written by UCAM-FOM Doctoral School of Business PhD candidates. The doctoral programme is a collaboration between the two universities that established the UCAM-FOM Doctoral School of Business. This collaboration makes it possible for FOM students to participate in the Doctoral Programme in Administration and Management (ADE) at the UCAM headquarters in Murcia. The PhD programme was carefully designed to offer the synergy of the two institutions' research capacities, enabling networking and sharing of knowledge and exposure, all in support of the student experience. With regard to knowledge, the application of different frameworks is encouraged, both in academic theory and practical global application. Our mission is to offer the best of these thriving European, yet globally connected institutions to talented and leading professionals in all areas in business.

This thesis aims to incorporate the seemingly irrational behavior of humans into neoclassical economic models, enhancing their realism. It seeks to determine the extent of human irrationality and its implications, as well as how easily and through what means individuals can be manipulated. To achieve this, the study examines these behavioral traits from a behavioral economics perspective. Insights from behavioral economics and psychology will be integrated into neoclassical models, particularly focusing on the utility function—both with and without uncertainty—and the discounted utility model for intertemporal choices. The primary goal is not to create a readily applicable model but to demonstrate the significant impact that including such phenomena can have on economic models. By pursuing more realistic assumptions, the thesis aims to provide a comprehensive overview of the current state of research in this area.

This paper derives and interprets the Black & Scholes formula, emphasizing the validity of its underlying assumptions and their impact on actual trading. The aim is to clarify the model's properties, establishing a solid foundation for evaluation. The original Black & Scholes framework will be considered, with advanced models discussed later. Evaluation occurs on three levels: model-exogenous, model-endogenous, and through comparisons with other models. Initially, the assumptions will be compared to real market conditions to assess their importance in deriving the formula and their interrelations. Next, a detailed examination of Black & Scholes' argumentation will reveal the model's conclusiveness, including an analysis of its sensitivity to changes in underlying parameters. Finally, advanced models will be introduced to determine how well they accommodate real market conditions within the Black & Scholes framework or if entirely new approaches are necessary. This evaluation will also address whether advanced models genuinely enhance option pricing or if more accurate values come at the cost of increased mathematical complexity.

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