Wie gehen wissensintensive Dienstleister mit eigenen Wissenslücken um?

With the conducted Delphi study diverse alternatives could be identified which have been used by Consultants in dealing with their own unawareness. Superior strategies, which controlled the adoption of individual steps and oriented the activities in dealing with unawareness, as well as organisational regulations for dealing with unawareness, were noticeable, which could be adopted depending on the subjective perception and assessment of the present unawareness and its relevance and impacts. The detected strategies ranged from the maintenance and use of unawareness to open communication and elimination of unawareness to total ignorance and the hiding of unawareness. Concerning organisational regulations, on the one hand formal regulations and on the other hand informal regulations could be found.     

Die Kultur der Macht. Die Macht der Kultur

Acting in organizations is characterized by strategies of “Bemächtigung” (repression) just as “Ermächtigung” (empowerment): Everyone tries to push through its individual interests, legitimate or not. Thereby in every organization specific rules of game and stiles of play are developed. Altogether these rules constitute the specific organizational culture. In unfair games, strategies of repression are dominant. In fair games, all players try to realize over and over again a just balance of legitimate interests of all stakeholders. Supervision aims to strengthen “Spielmächtigkeit” (ability of play and game) so that its addressees are able to change unfair games into fair games. The know-how for this is here called “technology of empowerment”.     

Warum kann die Wirkung von Maßnahmen eines Unternehmens auf das Vertrauen des Partners kulturabhängig sein?

Several studies give recommendations which actions a company can take to build its partners’ trust in business relationships. Studies report that, for instance, a company’s flexibility and detailed contractual agreements may positively affect the partner’s trust. However, cultural norms may moderate the effects of potential actions on the partner’s trust and this has hardly been considered in relevant literature. The present paper explains why actions a company takes may have different effects on trust in different cultures. Suggestions for future research and the design of empirical studies are proposed.     

Bilanzmanipulation und Managementpräferenzen bezüglich der Strenge des Systems der Rechnungslegungsregulierung

The present paper analyses the political economy of accounting regulation. It develops a game theoretic model of earnings management in a capital market context. Various forms of information asymmetry are examined. The analysis shows that the preferences of managers over the strictness of accounting regulation depend on the nature of the information asymmetry. In a number of instances, managers prefer to be subject to strict regulation. This result contradicts the often heard assertion that managers prefer lax regulation and has implications for regulatory competition.     

Verlustnutzung von Kapitalgesellschaften bei Umwandlungen – Eine ökonomische Vorteilhaftigkeitsanalyse

This paper investigates the potential utilization of tax loss carry-forwards in case of reorganizations of corporations from an economic point of view. Thereby, we analyze the tax impacts of indirect utilizations of tax loss carry-forwards by means of increasing assets’ book values as well as the tax impacts of the minimum taxation. The paper illustrates that the implementation of minimum taxation on transfer gains – which is reasonable at first glance – results in the following effects: Contrary to assumptions made in literature, the consequence of the regulation is that no reorganization can be utilized in order to avoid minimum taxation of current earnings in a profitable way. Surprisingly, for reorganizations due to other intentions it may be economically reasonable to let tax loss carry-forwards lapse at least partially. From an economic viewpoint this is in breach of the objective net principle.     

Angebot und Nachfrage von Coaching für Wissenschaftler/innen

The article focuses how far coaching for scientists and academics is developed and established on the relatively new counselling market university. The demand of coaching of the different target groups will be described as well as the topics and contents coaching offers to them. The professional profile and competences of coaches and supervisors are presented. Also the challenges especially for coaches and people in responsible positions for personal development are discussed.     

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.