Zur Wirkung von Neukunden-Promotions auf Bestandskunden

Service providers frequently offer better deals to prospective customers than they offer to customers who prolong their contracts. The present paper examines the effectiveness of incentives on new customers and, perhaps even more significantly, assesses negative effects on existing customers. To test the hypothesized effects, a series of two experiments was conducted. Results indicate that promotions that are offered exclusively to prospective customers have a negative effect on existing customers, and that this negative effect is stronger for customers with a short relationship age and for those at the end of their contract life-cycle. The unfairness and inequity perceived by existing customers can be substantially reduced if these customers are offered the opportunity to receive a part of the promotion value, while the promotion??s effectiveness to attract new customers remains unaffected.     

Pensionsverpflichtungen: Ansammlungs- und Gleichverteilungsverfahren und die Prognose von Residualgewinnen

Assuming an infinite forecast horizon, residual earnings valuations provide in theory identical results independent of the accounting methods used. In practice however there is used a detailed planning period, covering a few years, after which simple growth models are applied. How suitable residual earnings are for the use in such a simple growth model, is substantially dependent on the nature of the accounting. Thereby the accounting obtains an impact on the valuation and accordingly on the length of the detailed planning period, necessary for an accurate valuation. In this paper these contexts are analyzed using the example of pension obligations. The amount of the pension obligations and the resulting residual earnings are substantially affected by the distribution method used. Concerning the two most important distribution methods, the projected unit credit and the projected benefit valuation method, it is analyzed in which way these methods respond to changes of the value structure-i. e. a modification of the amount of the pension-and to changes of the quantity structure-i. e. a modification of the number of employees within the pension plan. In particular it is examined which period of time both methods need-after a surprising change of the value or quantity structure-to generate residual earnings, which allow a valuation of the pension obligations with a simple growth model.     

Die Akzeptanz der elektronischen Gesundheitskarte in Deutschland

Against the background of the increasing importance of eHealth, this contribution concentrates on the issue of acceptance regarding the introduction of the electronic health card (English for elektronische Gesundheitskarte, hereinafter referred to as eHC) on the part of the service providing health institutions. After presenting the general issue, the relevance of the subject is described and the eHC is defined. Then the eHC is classified in terms of terminology and afterwards the current state of research of investigations regarding acceptance in the field of eHC is presented and evaluated. Based on both the technology acceptance model and the relevant literature, the important factors influencing the attitude towards and the eventual use of the eHC are conceptualized and integrated in an investigation model. The empirical investigation took place throughout Germany within the scope of an online survey of the health care providers. All in all, 502 questionnaires were reflected in the evaluation of the willingness of acceptance. The empirical results show that regarding the perceived usefulness the performance of the system and a well balanced cost-/benefit-ratio lead to an increasing acceptance of the eHC. Being integrated in the decision process, however, is not relevant for the German physicians. Within the context of the perceived ease of use the compatibility of the system is much less relevant than the controllability or the general usability.     

Kapitalmarktorientierte Unternehmensbewertung bei asymmetrischer Besteuerung von Soll- und Habenzinsen

Drukarczyk and Lobe argue that the value of a company depends on individual preferences for leveraged or unleveraged companies if debt and credit interest rates after personal taxes differ. Consequentially they derive two preference-dependent valuation formulas. Based on these results an increasing amount of literature proposing preference-dependent valuation formulas emerged. We claim that this has to be viewed critically. In order to show that even in a world of different debt and credit interest rates after personal taxes a market value can be determined we develop a new version of the Tax CAPM. Based on this model the market value of leveraged and unleveraged companies is derived. Finally we show that the corresponding valuation function significantly differs from the preference-dependent valuation formulas.     

Resilienzf?rdernde M?glichkeiten der Teamsupervision bei Changeprozessen

Supervisors frequently are confronted with emotional and social effects of efficiency-driven restructuring and process optimizations. Using case studies as well as conceptual ideas, the article explores whether and how the resilience of affected employees can be fostered in the frame of supervision. Promoting resilience within supervision is not to be mistaken as a further attempt to stretch employees?? limits. Rather, we conceive of it as an attempt to make employees aware of the centrifugal powers of every day working routines and to promote decisions for joint investment in cooperation??to make team work worthwhile, even in strenuous times.     

Die Arbeitsbeziehung im Coaching �C ein Stiefkind der Forschung

This study examines the relevance of the coaching relationship. 30 semi-structured interviews with coaching officers in swiss large-scale enterprises are analyzed in the frame of a qualitative content analysis. The half of the polled experts believes that a good coaching relationship is the crucial impact factor of coaching. One third considers a well-working relationship as an important condition to achieve a successful coaching process. The most mentioned attributes and capacities of a coach in order to contribute to a functioning relationship are the ability to listen, empathy, appreciation, trustability, interest and openness. The discussion explains the relevance of these findings for prospective efforts in the field of coaching research.     

Risk Management in a Polio-Free World

Inherent in the decision to launch the Global Polio Eradication Initiative in 1988 was the expectation for many people that immunization against poliomyelitis would eventually simply stop, as had been the case with smallpox following its eradication in 1977. However, the strategies for managing the risks associated with a "polio-free" world must be continuously refined to reflect new developments, particularly in our understanding of the live polioviruses in the oral poliovirus vaccine (OPV) and in the international approach to managing potential biohazards. The most important of these developments has been the confirmation in 2000 that vaccine-derived polioviruses (VDPVs) can circulate and cause polio outbreaks, making the use of OPV after interruption of wild poliovirus transmission incompatible with a polio-free world. A comprehensive strategy has been developed to minimize the risks associated with eventual OPV cessation, centered on appropriate long-term biocontainment of poliovirus stocks (whether for vaccine production, diagnosis, or research), the controlled reintroduction of any live poliovirus vaccine (i.e., from an OPV stockpile), and appropriate use of the inactivated poliovirus vaccine (IPV). Although some aspects of this risk management strategy are still debated, there is wide agreement that no strategy would entirely eliminate the potential risks to a polio-free world. The current strategy for risk management in a polio-free world will continue to evolve with better characterization of these risks and the development of more effective approaches both to reduce those risks and to limit their consequences should they occur.     

Das „Achieve Coaching Model“®" Ein systematischer Ansatz für größere Wirksamkeit im Executive Coaching

The ?Achieve Coaching Model“®. A systematic approach to greater effectiveness in executive coaching The article describes some of the results of an international best practice study that aimed to identify what successful coaches do to achieve consistent tangible coaching results. The analysis of the primary and secondary data resulted in a new coaching model, that has received international recognition and proved to be successful and valuable in practice — the Achieve Coaching Model®. The article describes the seven steps of the model, underpins it with information from the study and the authors international coaching practice and concrete behaviours of coaches that yielded continuously positive results in a coaching setting.     

Die Bedeutung von Coaching für die Identitätsentwicklung von Führungskräften

The significance of coaching to the identity development of managers The author discusses the difficulties of managers to conceive their professional identity. Regarding the background of modern organization structures in ?our postmodern times“, they are demanded to define their roles again and again by themselves. Traditional concepts of identity, like those formulated by the psychoanalysis, nowadays are obsolete. The approaches of the symbolic interactionism are much more applying to the actual demands of ?identity work“ of managers. Coaching, that integrates procedures of dramatherapy, is thereby capable to support the development of a suitable management identity.     

Produktdesign und Semi-Statische Absicherung von Turbo-Zertifikaten

Zusammenfassung  Turbo-Zertifikate geh?ren derzeit zu den beliebtesten strukturierten Produkten für Privatanleger. Sie lassen sich als Spezialformen von Barrier-Optionen auffassen. In Bezug auf das Produktdesign ist das Verh?ltnis von Kursschranke und Basispreis von Bedeutung. Unter Ausnutzung der Put-Call-Symmetrie wird gezeigt, dass eine geeignete Wahl der Ausstattungsmerkmale dem Emittenten eine semi-statische überabsicherung in Standard-Optionen erm?glicht, die bezüglich einer ganzen Modellklasse gültig ist. Im Gegensatz zu der in der Praxis g?ngigen Preisstellung kann eine Absicherung der Zahlungsverpflichtungen im Allgemeinen nicht unabh?ngig von der Volatilit?t erfolgen.

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Product design and semi-static hedging of turbo-certificates

Summary  Turbo-Certificates are one of the most popular structured equity products for private investors in Germany. They can be regarded as special forms of barrier options. For the design of these products, the relation between the barrier level and the strike price is especially important. By using the put-call-symmetry, we show that by a certain choice of these parameters, the issuer is able to obtain an almost static (super-) hedge in standard option contracts which is valid for a general class of models. It turns out that in contrast to the pricing rule which is often used in practice, the issuer can neither hedge a single certificate nor a portfolio of certificates independent of the volatility.