Der adäquate Umgang mit Beständen und deren Finanzierung in Supply Chains stellt innovative Betätigungsfelder für Logistikdienstleister dar, zu denen trotz der aktuellen Bedeutung noch wenige wissenschaftliche Abhandlungen vorliegen. Diese Untersuchung liefert einen Einstieg in die Thematik: Vor dem Hintergrund des bislang geringen Kenntnisstandes zur Bestandsfinanzierung in Supply Chains liegt das Ziel des Beitrags in der fallbezogenen Analyse und theoretischen Erklärung der Relevanz sowie der Konsequenzen der alternativen Finanzierung von Beständen durch einen Logistikdienstleister. Die Ergebnisse einer Fallstudie sowie einer ersten Potenzialabschätzung zeigen, dass mit der Bestandsfinanzierung durch ein Logistikunternehmen sowohl für die Industrie- und Handelskunden als auch für den Dienstleister positive Effekte einhergehen. Dabei hängt das für das Logistikunternehmen generierbare Potenzial vor allem vom Wert der zu finanzierenden Warenbestände ab.
We present a new methodology for decomposing the (risk-adjusted) performance in empirical finance. Our technique offers the same straightforward economic intuition and all the statistical benefits of the portfolio sorts approach, in particular robustness to cross-sectional correlation, and in addition resolves the major drawbacks of portfolio sorts. Most importantly, our regression-based methodology handles multiple dimensions and continuous firm, fund, or investor characteristics. Moreover, the technique allows for relying on standard Wald-tests as an alternative to the popular Gibbons, Ross, and Shanken (1989) test. We illustrate our methodology with an asset pricing application and a long-horizon event study.
We use a dataset from a large retail bank to examine the impact of financial advice on investors’ stock trading performance and behavioral biases. Our data allow us to classify each individual trade as either advised or independent and to compare them in a trade-bytrade within-person analysis. Thus, our study is not plagued by the endogeneity problems typically faced by studies on financial advice. We document that advisors hurt trading performance. However, they help to reduce some of the behavioral biases retail Investors are subject to, but this does not overcompensate the negative performance effects of the bad stock recommendations.
The literature on IPO long-term performance generally focuses on three- to five-year post-issue time horizons. Research published in the 2000s shows that the apparent underperformance of IPOs docu-mented in the 1990s disappears when the different risk exposures between IPO and mature firms are accounted for by using a Carhart (1997) factor model. In this paper, we show that a sample of 7,487 U.S. IPOs between 1975 and 2014 continues to significantly underperform mature firms in terms of Carhart-alphas over two years, with underperformance peaking one year after going public. We apply a regression-based portfolio sorts approach (RPS), which allows to decompose the Carhart-alpha into firm-specific characteristics, to explain one-year IPO underperformance using a multitude of market and firm characteristics in a statistically robust setting. In fact, our RPS-model that augments the Carhart factors by a set of firm characteristics related to investments, internationality, liquidity, and leverage can explain IPO underperformance. We find similar results when using the Fama-French three-factor model or an augmented version of the Carhart model. We challenge our RPS-model by applying it to the most severely underperforming sub-samples in terms of firm size, time period, venture capital involvement, and IPO underpricing, and find it to explain IPO underperformance across all sub-samples.
Mit dem Ziel, die Prozesse der Kundenberater im Frontoffice besser zu unterstützen, entwickelte die Zuger Kantonalbank gemeinsam mit CSC Switzerland GmbH und SAP AG einen integrierten Beraterarbeitsplatz (BAP). Dieser verknüpft auf Basis des SAP Composite Application Frameworks sämtliche für die Kundenberatung benötigten Funktionen aus unterschiedlichen Anwendungssystemen in einer einheitlichen Benutzeroberfläche. Dazu fassten die Projektbeteiligten die in den existierenden Anwendungen implementierte Funktionalität zu Services zusammen, die interaktive oder vollständig automatisierte Aktivitäten aus verschiedenen Frontoffice-Beratungsprozessen unterstützen. Mit der neuen Lösung konnte die Bank erhebliche Prozessverbesserungen realisieren.
Using a sample of 77,036 firm-quarters, we test whether firms change their news disclosure when experiencing an exogenous negative shock to their stock price. We use mutual fund flow-induced selling pressure to measure exogenous undervaluation and classify news as positive and negative based on textual analysis. Our results show a robust negative relationship between mutual fund flow-induced selling pressure and the volume of negative news and a positive relationship between selling pressure and the volume of positive news. Thus, management appears to be aware of undervaluation resulting from an exogenous shock and responds by delaying the release of bad news while speeding up the publication of good news. This link between selling pressure and news releases is stronger for larger, high-valuation, and equity issuing firms. We further show that firms postpone the release of bad news from the selling pressure quarter to subsequent quarters. Our results demonstrate that news disclosure may be biased by firms seeking to support their stock price.
