Activity Report

Allianz Endowed Chair of Finance Center of Private Banking 2013 2

1st September 2012 - 31st August 2013

Allianz Endowed Chair of Finance Center of Private Banking

WHU – Otto Beisheim School of Management Burgplatz 2 D - 56179 Vallendar Tel.: +49 - 261 / 6509 421 Fax: +49 - 261 / 6509 409 Email: [email protected] Internet: www.whu.edu/fi nance, www.whu.edu/cpb

Coverpicture: (front row from left to right) Marianne Diel, Markus Rudolf, Kirsten Schmitz, Ruth Kümmerle, Jan Peter Schmütsch (back row from left to right) Johannes Frankenfeld, Matthias Held, Markus Duram, Katja Harder, Marcel Omachel, Julia Ka- praun, Sören Pippart 3

Index

4 Sponsors and Friends 5 Foreword 8 The Team 15 The Center of Private Banking 16 Advisory Board of the Center of Private Banking (CPB) 18 Associated Members of the Center of Private Banking (CPB) 20 Private Banking Day 22 Contributions to WHU 24 Advisory Board Allianz Endowed Chair of Finance 26 Research and Publications 27 Campus for Finance – New Year’s Conference 30 Campus for Finance – Research Conference 32 Campus for Finance – Private Equity Conference 34 Bucerius/WHU Master of Law and Business – Joachim Herz Program 37 Doctoral Seminar Burgenland 39 The Course Offerings 41 The Lectures 45 Course Evaluations (DOBES) 46 Dissertations 55 BSc/MSc Theses Abstracts 60 Sustainabilty 4

Sponsors and Friends

Chair Sponsor

Gold Sponsor Center of Private Banking (CPB)

Other Sponsors Center of Private Banking (CPB)

Center of Private Banking Friends

Private Banking Evaluation Authority 5

Foreword

This is the 14th annual report of the Alli- milestone at WHU. This summer, the pro- anz Endowed Chair of Finance at WHU gram received 183 applications from po- and provides you with important informa- tential students, 103 of whom will be enrol- tion and updates regarding the academic led in the MiM and the MiF class of 2015. year 2012/2013. In addition to the chair’s The recruiting process was infl uenced by activities, a signifi cant portion of the re- the absence of the MSc program in the sources are also absorbed by the chair 2012 Financial Times ranking. In 2011, holder’s appointment as Associate Dean the program was ranked sixth among all of WHU – Otto Beisheim School of Ma- MSc programs worldwide; unfortunately, nagement for a term of three years star- however, WHU was not eligible to partici- ting in September 2011 and his continued pate in the 2012 Master’s in Management role as Academic Director of the Master ranking, which only includes Master’s of Science (MSc) and Master of Law and graduates from the year 2009. Due to the Business (MLB) programs. transition from the Diploma to the Bache- lor and Master’s programs in the course The MSc program family now consists of of the Bologna Process and the ensuing two programs, the Master in Management graduation of WHU’s fi rst MSc class un- (MiM) and the Master in Finance (MiF). der the newly established BSc/MSc struc- While the MiM can be considered the suc- ture in 2010, WHU did not graduate any cessor of the “old” Master of Science pro- MSc or diploma students in 2009. gram, the introduction of the MiF is a new 6

In 2013, we are very happy that the 3. The fourth Private Banking Day was program is ranked among the top three once again a success. 118 registered par- Master in Management programs world- ticipants attended the event at WHU on wide. Information about the Financial April 17, 2013. This continued last year’s Times rankings for Master’s programs is growth and indicates that the conference available under rankings.ft.com/business- has established itself among private ban- schoolrankings/rankings. king professionals, academics, and stu- dents in German-speaking countries. For the fi rst time, the Private Banking Day was hosted on the new WHU campus in Düsseldorf. The next Private Banking Day will take place on March 28, 2014.

5. The results of the third issue of the WHU Private Banking Rating were pre- sented and were well received by the press. The analysis is based on a unique dataset of 985 questionnaires completed by private banking clients from 93 diffe- rent providers. MSc Team with the Academic Director Prof. Dr. Mar- kus Rudolf and the Program Director Dr. Steffen Löv 6. The chair holder continues to serve as co-director of the Bucerius Law School In addition, the following developments and WHU Master in Law and Business and achievements at the Allianz Endowed (MLB) - Joachim Herz program. This Au- Chair of Finance deserve special menti- gust 51 students obtained their Master’s on: degree when the seventh MLB class gra- duated from Bucerius Law School and 1. We welcomed one new research as- WHU. In the coming academic year, the sistant to the chair in the past academic eighth MLB class - 51 students, 75% of year. Dipl.-Wi.-Math. MASt Marcel Oma- whom come from abroad - will study at chel, a graduate of Cologne University both universities while the program direc- and of Cambridge University, joined us in tors continue to explore options to further March 2013. enhance the program.

2. During the preceding business year, 7. Brain Capital GmbH has enjoyed fur- two dissertations were completed: “Asset ther growth, as well. Dr. Marco Vietor and Allocation in Private Banking“ by Marc Johannes Frankenfeld, together with six Engelbrecht and “„Private Banking Rating associates, continue to direct the orga- - Evaluating Private Banking Providers nization, which offers students a reverse from a Customer’s Perspective“ by Tim generation contract. The total amount of Krume. funds managed by Brain Capital amounts to €47.4 Million. Today, about 756 studen- 7

ts are supported by the reverse generation been closely associated with the chair for contract. In this innovative arrangement, 15 years, and of Ms. Kirsten Schmitz, a Brain Capital pays students’ university member of the chair for four years now. tuition fees; in return, the students pay I am very happy with the development a pre-determined percentage of their la- of the chair and the achievements of its ter income to a tuition fund managed by members and would like to express my Brain Capital. The company collects in- gratitude and appreciation to all of them vestment money from private and insti- for their cooperation. In closing, I wish to tutional investors in order to fi nance the express my gratitude to the sponsors of students’ tuition in advance. the chair as well as the sponsors of the Center of Private Banking for their sup- 8. The chair holder still plays an active port and contributions. I especially would role in the Campus for Finance initiati- like to thank Allianz SE, which has been ve, which he co-founded together with a very close friend and supporter of the a group of fi nance students in the year chair for many years. 2001. He heads the academic board and in this role advises the organization teams Sincerely, of the Campus for Finance New Year’s Conference, Research Conference, and Private Equity Conference on questions of content as well as the future develop- ment of the conferences. The fourteenth Campus for Finance New Year’s Confe- rence is scheduled to take place on Ja- nuary 8 and 9, 2014. On this occasion, international academics, professionals, and students will again convene at WHU to discuss highly relevant questions with high-profi le speakers including Paul Achleitner, Chairman of the Supervisory Board of Deutsche Bank; Georg Fahren- schon, President of the German Savings Institutions system; and Michael Rüdiger, CEO of Deka Bank.

I wish to sincerely thank all those at the chair and associated with it who have contributed to the success of WHU – Otto Beisheim School of Management and its Allianz Endowed Chair of Finance during the past business year. I would also like to express my appreciation for the con- tributions of Ms. Marianne Diel, who has 8

The Team

and Mathematics at the Rheinische Fried- rich- Wilhelms-Universität in Bonn. Upon graduating with two diploma degrees in 2001, she joined McKinsey & Company, Inc., where she stayed for more than four years. In her dissertation she explored performance measurement of customer portfolios in private banking. She is cur- Professor rently on maternity leave. Dr. Paul Achleitner

Paul Achleitner is the chairman of the supervisory board of Deutsche Bank AG. Since February 2001 he has been an honorary professor at WHU – Otto Beisheim School of Management and re- presents the investment banking domain. Dipl.-Kfm. Michael Borß

Michael Borß started as a research assi- stant at the Center of Private Banking in May 2009. He studied Business Admini- stration at the University of Münster and abroad in Strasbourg and in Illinois. Mi- chael Borß joined the Boston Consulting Group in 2006. His research focuses on Commerzbank Assistant behavioral fi nance and experimental eco- Professor Dr. Katrin Baedorf nomics. He left the center back to Boston Consulting Group in October 2011. Katrin Baedorf is Commerzbank Assi- stant Professor at the Center of Private Banking at WHU – Otto Beisheim School of Management. Her research focuses on asset management with particular in- terest in illiquid assets and behavioral fi nance as well as service quality within private banking. She studied Economics 9

Marianne Diel Dipl.-Kfm. Matthias Feldhues Marianne Diel has been the personal as- sistant of Professor Markus Rudolf at the Matthias Feldhues has been a research Allianz Endowed Chair of Finance since assistant and PhD candidate at the Alli- January 1999. With respect to organiza- anz Endowed Chair of Finance since July tional matters she is also engaged at the 2011. In 2008 he obtained his Master’s Center of Private Banking. degree in Business Administration and Economics (Dipl.-Kfm.) from WHU - Otto Beisheim School of Management with ex- change terms at Kobe University, Japan as well as Queen’s University, Canada. After graduation he worked for two and a half years for Accenture’s Strategy Con- sulting Practice in Germany, Switzerland, and the U.S. before taking a leave of ab- sence to pursue a PhD. Mr. Feldhues’ Dr. Marc Engelbrecht industry experience is mainly in banking, natural resources and automotive. He left Marc Engelbrecht started as a research the chair in July 2013. assistant at the Center of Private Banking in 2006. He studied Business Administra- tion at the University Bayreuth and Leip- zig Graduate School of Management. His dissertation addresses asset allocation in private banking. He left the center in June 2011. 10

August 2010, he has been employed as research assistant at the Allianz Endowed Chair of Finance. Matthias currently re- searches market sentiment derived from option data.

Dipl.-Wirtsch.-Math. Katja Harder Katja Harder studied Business Mathema- tics at the University of Leipzig from 2004 to 2010, with majors in Financial Mathe- matics and Stochastic Analysis. During Dr. Stefan Jentzsch this time she worked for the Landesbank Stefan Jentzsch is partner at Perella Sachsen, among others, and gained fi rst Weinberg Partners in London and was practical experience in risk controlling. chief executive offi cer of Dresdner Klein- Katja Harder has been a research assi- wort and a member of Dresdner Bank’s stant and PhD candidate at the Allianz board of managing directors with respon- Endowed Chair of Finance since Decem- sibility for investment banking. Within ber 2010. Her research focus is in the the MLB Program he teaches the course area of Sovereign Risk. “Leadership in Investment Banking.”

Dipl.-Kfm. Matthias Held Dipl.-Math. During his studies of Finance and Inter- Julia Kapraun national Management at the University of Magdeburg, Matthias Held worked as Julia Kapraun has been a research as- an intern at BayernLB’s risk offi ce. Since sistant and PhD candidate at the Allianz 11

Endowed Chair of Finance since July 2011. Previously, she studied Mathema- tics at the Technische Universität Berlin with majors in Mathematical Finance and Stochastic Analysis. Prior to joining WHU, she was a Junior Risk Controller with Union Asset Management in Frankfurt and gained practical experience in Equi- ty Derivatives at UBS Investment Bank in Frankfurt and BNP Paribas Arbitrage in Dipl.-Vw. Ruth Kümmerle Paris. Her focus of interest is on fi nancial modeling and asset allocation. Since April 2011 Ruth Kümmerle has been a research assistant and PhD can- didate at the Allianz Endowed Chair of Finance. She studied Economics at the Technische Universität Berlin and Busi- ness Administration at Toulouse Business School. After graduation she worked as a Portfolio Manager, fi rst at Deutsche Bank in Frankfurt, managing commodity related portfolios, and then at Sal. Op- Dr. Tim Krume penheim, focusing on customized wealth management. Her research focus area is Tim Krume started as a research assi- portfolio management, especially illiquid stant at the Center of Private Banking in investments. October 2010. He studied International Business at Maastricht University and ab- road at Bocconi in Milan. After receiving his Master of Science (with distinction) in 2008 he joined the strategy practice of Accenture Management Consulting. In his dissertation he focused on service quality and customer satisfaction in pri- vate banking. Dr. Hartmut Leser Hartmut Leser is the Chief Executive Offi - cer of Aberdeen Asset Management, Ger- 12

many. Prior to this position, he held se- veral high-ranking positions in the asset management industry and was partner of an investment consultancy fi rm. He lec- tures on asset management for the MBA program at WHU – Otto Beisheim School of Management.

Dipl.-Kfm. Sören Pippart

Sören Pippart joined WHU as a research assistant to the Allianz Endowed Chair of Finance in October 2011. After comple- ting his studies in Business Sciences at the University of Mannheim and Saarland University, he spent a semester abroad at the University of British Columbia in Van- Dipl.-Wirtsch.-Math. Marcel couver, Canada. Sören gained fi rsthand Omachel practical experience during internships as a fi nancial auditor at KPMG AG and as an Marcel Omachel joined WHU as a re- equity derivatives sales trader at Natixis search assistant to the Allianz Endowed S.A. In his dissertation, he focuses on in- Chair of Finance in March 2013. Prior to ternational fi nance, in particular exchange that he fi nished his Master’s degree in rates. mathematics at the University of Cam- bridge in 2009 and obtained his Diploma in business mathematics from the Univer- sity of Cologne in 2010. Subsequently, he worked for two years at Deutsche Bank in New York. In his dissertation he focuses on the informativeness of the European sovereign CDS market. 13

Professor Dr. Markus Rudolf Kirsten Schmitz

Markus Rudolf is Associate Dean and Full Since 2009 Kirsten Schmitz has assisted Professor at the Allianz Endowed Chair of the secretarial offi ce of the Allianz Endo- Finance at WHU – Otto Beisheim School wed Chair of Finance and the Center of of Management. He also heads WHU’s Private Banking. Center of Private Banking. He earned his PhD degree in fall 1994 and his habilita- tion degree in May 1999, both at the Uni- versity St. Gallen, Switzerland. His recent publications focus on private banking, asset management, and risk manage- ment. He is Chairman of the Campus for Finance Association and co-editor of the journal “Financial Markets and Portfolio Management.“ He acts as research direc- M. Sc. Jan Peter Schmütsch tor at the German Financial Analysts As- Jan Peter Schmütsch has been a re- sociation (DVFA – Deutsche Vereinigung search assistant and PhD candidate at für Finanzanalyse und Asset Manage- the Allianz Endowed Chair of Finance ment). He holds supervisory board posi- since April 2012. He studied Business tions at BlackRock Asset Management Administration at WHU – Otto Beisheim Deutschland AG, at Brain Capital GmbH School of Management, the University of and at Boeker & Paul Kanzlei für Vermö- Texas at Austin, and New York University. gensmanagement AG. During his studies, he gained work expe- rience through internships with the credit risk management of Commerzbank, the M&A advisory of J.P. Morgan, and the corporate development practice of The 14

Boston Consulting Group. His research focuses on the temporal link of fi nancial crises and market expectations.

Professor Dr. Axel Wieandt Axel Wieandt is the Chief Executive Of- fi cer of Valovis Bank. Since 2005 he has been an honorary professor at WHU – Otto Beisheim School of Management. His teaching is focused on the fi eld of Fi- nancial Intermediation. 15

The Center of Private Banking

The Center of Private Banking focuses in 2014. In total, 28 Center members from on the three core elements research, different private banking areas took part teaching/education, and dialogue. The in this year’s program. center’s goals include sharpening WHU’s research profi le in the area of private ban- As research in the area of private banking king, sensitizing the public community in- has a high degree of practical relevan- cluding wealthy private customers to this ce, the Center organizes meetings with topic, and establishing an ongoing ex- all members on a regular basis. These change of ideas between the school and meetings generate intensive exchange private banking practitioners. between practitioners and researchers. A meeting on February 25, 2013 inclu- In our research we concentrate on two ded informative talks by Ruth Kümmerle key building blocks: asset management/ (Illiquid Investments- Models and Impli- products and customer relationship ma- cations) and Tim Krume (Private Banking nagement. Our research focus includes, Rating). The next meeting will take place for example, service quality and its ef- in November. fects, including customer satisfaction and loyalty, from the perspective of both sup- Our research results are also used to es- pliers and customers in private banking. tablish a rating system for the private ban- Another research project covers aspects king market. After the data collection bet- of customer portfolio management. In the ween 2010 and 2012 the rating database asset management area, we are especial- was further expanded and now includes ly interested in alternative asset classes, more than 985 datasets from private ban- measurement of customer preferences, king customers. and investment performance. Our fi eld of research additionally includes aspects of To further position the competence of the behavioral fi nance. Center of Private Banking produce sci- entifi c publications, organize events, and For members of the Center of Private act as speakers for several events. After Banking, an individually designed training four successful Private Banking Days program started for the third time in 2013. between 2010 and 2013, the fi fth Private The program has two modules: Asset Ma- Banking Day will take place at WHU on nagement and Behavioral Finance for Pri- March 28, 2014. Participants from prac- vate Investors. The current program will tice as well as from the scientifi c commu- continue with the module Performance nity will again fi nd a platform for an inspi- Measurement in September and ends af- ring exchange around aspects of private ter two additional modules and an exam banking.

+++ SAVE THE DATE +++ The 5th WHU Private Banking Day will take place on March 28th, 2014. 16

Advisory Board of the Center of Private Banking (CPB)

Johannes Baratta Dr. Peter König Credit Suisse (Deutschland) AG DVFA GmbH Chairman of the Management Board Managing Director (left the board in 2013)

Andreas Brodtmann Berenberg Dr. Thomas Lips Personally liable partner Centrum Bank Group CEO (left the board in 2013)

Prof. Dr. Günter Dufey Prof. Emeritus of the University of Christoph Mauchle Michigan Credit Suisse AG Head Market Area Germany, Austria and Luxembourg (left the board in 2012) 17

Prof. Dr. Markus Rudolf Ralf Vielhaber WHU - Otto Beisheim School of Fuchsbriefe/Dr. Hans Fuchs GmbH Management, Associate Dean Managing Director Head of the Center

Dr. Bernd Türk Frank Wieser Commerzbank AG Vontobel Europe AG Head of the Advisory Board CEO/Head of Private Banking Germany Head Sales Management and (left the board in 2012) Head Asset Management

18

Associated Members of the Center of Private Banking (CPB)

Prof. Dr. Thomas Burkhardt Dr. Peter König Universität Koblenz-Landau, Campus DVFA GmbH, Managing Director Koblenz (left the center in 2013)

Thomas Fehr Jürgen Lampe Commerzbank International S.A. Luxem- fi rstfi ve AG, Frankfurt/Main , CEO bourg, Member of the executive board

Prof. Volkmar Liebig Lisa Gerstner Ulm University of Applied Sciences Berenberg, HR Development, Graduate Recruitment 19

Dr. Jörg Richter Melanie Monßen, CFP Institut für Qualitätssicherung und Prü- Bank Vontobel Europe AG, Director Pri- fung von Finanzdienstleistungen GmbH vate Banking (IQF), Hannover , CEO

Christian Oertli Centrum Bank AG, Member of the Execu- Nicolas Steineke tive Board, Head Private Banking (left the Joh. Berenberg, Gossler & Co. KG, center in 2013) Private Banking (left the center in 2012)

Matthias Zander Thomas Paul Credit Suisse (Deutschland) AG, Head of Böker & Paul AG, Member of the execu- products, customer segments and sales tive board control; Chief Representative and Mem- ber of the Executive Board 20

Fourth WHU Private Banking Day

The fourth WHU Private Banking Day • Ralf Vielhaber – Managing Director took place on April 16, 2013. The confe- Fuchsbriefe/Dr. Hans Fuchs GmbH rence was held for the fi rst time on the newly opened WHU Campus in Düssel- • Matthias Vollbracht – Head of economic dorf. The discussions and presentations analysis, Media Tenor International of the day refl ected the immense chal- lenges this industry is currently facing, • Prof. Dr. Dr. h.c. Martin Weber – Univer- especially the struggle to maintain a good sity of Mannheim reputation and level of trust. • Tim Krume - WHU – Otto Beisheim School of Management • Prof. Dr. Markus Rudolf - WHU – Otto Beisheim School of Management

Welcoming Speech Prof. Dr. Markus Rudolf

These issues were addressed in presen- tations by the following speakers: Networking of the participants • Dr. Martin Deckert – Member of the Ma- nagement Board, UBS Deutschland AG In his presentation, Mr. Vollbracht re- • Gustav Holtkemper – Divisional Board vealed that the public perception of the Wealth Management, Commerzbank AG banking industry has deteriorated to the point that banks are now even considered • Dr. Olaf Huth – Member of the Manage- to have a damaging effect. Mr. Vielhaber ment Board, HSBC Trinkaus & Burkhardt affi rmed the quality improvements in the AG Private Banking Industry in recent years, but also identifi ed stagnation in quality • Ralf Lochmüller – Spokesman of the since the fi nancial crisis. According to the partners, Lupus alpha Asset Manage- WHU Private Banking Rating, presented ment AG by Tim Krume, customer satisfaction is currently at an average level and is es- • Jochen Sauerborn - Entrepreneur pecially infl uenced by the investment ad- 21

visor, by performance, and by the price- understanding of risk and thereby to the performance ratio. improved satisfaction of banking clients. Mr. Sauerborn confi rmed the necessity of focusing on clients’ needs and warned his listeners not to ignore technological pro- gress: “If universities such as Harvard or MIT reach thousands of students through online lectures, online advisory services will also gain importance in the banking industry.”

Ralf Vielhaber, Managing Director Fuchsbriefe

Against this backdrop, the speakers fo- cused on different specifi c aspects of pri- vate banking. Mr. Holtkemper identifi ed the task of building an appropriate over- view of the complex asset structures of HNWI clients as a core challenge. For Dr. Prof. Dr. Dr. h. c. Martin Weber, University of Mann- Deckert, risk management will be a criti- heim cal success factor in the future. In con- trast, Dr. Huth explained how a client’s After this concluding dinner speech, the trust can only be regained through a ho- day ended with a joint dinner in the lou- listic corporate strategy founded on clear nge of the WHU Campus in Düsseldorf. and understandable values. In addition, The participating students confi rmed the Mr. Lochmüller elaborated on how other conference was “worth visiting,” and the branches might serve as an example corporate participants also experienced a for the fi nance industry. He stated while day full of highlights. “Made in Germany” is seen as a seal of quality in the automotive industry, this is not yet true for the asset management industry. Prof. Weber’s speech stressed that all fur- ther developments in the banking sector have to focus on clients’ needs. He poin- ted out that the explicit experience of risk, e.g. through simulations, leads to a better 22

Contributions to WHU

Prof. Dr. Michael Frenkel (left side), Dean of the WHU - Otto Beisheim School of Management and the Associ- ate Dean Prof. Dr. Markus Rudolf (right side)

Prof. Dr. Markus Rudolf is the Associate al perspective. He also gave a keynote Dean of WHU, a position he has held sin- address at the 4th WHU Private Banking ce October 2009. In September 2011, the Day, which took place on the Düsseldorf senate of WHU re-elected Prof. Dr. Mar- Campus for the fi rst time this year. kus Rudolf for a further term of offi ce of Moreover, Prof. Dr. Markus Rudolf conti- three years. nues to serve as Academic Director of the In his role as Associate Dean he has deli- WHU Master in Management (MSc) pro- vered addresses and given speeches on gram and as Co-Director of the Bucerius several occasions. Among others, Prof. Law School and WHU Master in Law and Dr. Markus Rudolf contributed signifi cant- Business (MLB) - Joachim Herz program, ly to the Dialogue Days 2013: together an offi ce he assumed in 2006 and shares with WHU Dean Prof. Dr. Michael Frenkel with Prof. Clifford Larsen (Bucerius Law he gave a presentation putting the Euro School). Additionally, he has taken over crisis into macroeconomic and fi nanci- 23

responsibility as Academic Director for the The business faculty includes professors newly created Master in Finance (MSc). from WHU and other German and foreign universities as well as notable corporate The WHU MSc program is designed lecturers. Substantial parts of the MLB as a consecutive business science de- program are taught on the campus of the gree. It is tailored towards outstanding, Bucerius Law School in Hamburg. An ad- performance-oriented students who hold ditional two live-in weeks are scheduled Bachelor’s degrees in the area of busi- on the WHU campus in Vallendar each ness studies and who are keen to expand year. into an international context. The program builds on existing business fundamentals Furthermore, Prof. Dr. Markus Rudolf and, at the same time, offers a strong acts as Academic Director of the Campus focus on extensive practical experience. for Finance Association and heads the While the Master in Finance seeks to de- Center of Private Banking, which is as- velop students’ specialized expertise in sociated with the Allianz Endowed Chair fi nance and related fi elds, the Master in of Finance. During the previous budget Management prepares its participants for year, Prof. Dr. Markus Rudolf headed the a wider variety of positions. search committee for the chair of Finance and Capital Markets, which led to the ap- The Bucerius/WHU Master of Law and pointment of Prof. Dr. Nihat Aktaş. Business is most suitable for international students whose fi rst degree is in law or Allianz SE is a crucial sponsor of the Al- business and who have at least two years lianz Endowed Chair of Finance, while of prior working experience, although it is Commerzbank is the principal sponsor open to students of other disciplines as of the Center of Private Banking. Further well. The goal of the program is to convey sponsors of the Center include Bank Von- knowledge from both branches of study tobel, Berenberg Bank, Centrum Bank, in combined lectures on special topics. Credit Suisse and DVFA. Highly valued In addition to his role as Co-Director of non-monetary contributions are made by the MLB program, Prof. Dr. Markus Ru- independent evaluation entities fi rstfi ve dolf is responsible for the conceptual AG, Fuchsbriefe, IQF and the indepen- design and planning of the management dent wealth manager Böker & Paul AG. studies-focused aspects of the program. 24

Advisory Board Allianz Endowed Chair of Finance

Dr. Karl-Georg Altenburg Martin Korbmacher JPMorgan Chase Bank Managing Associate, Event Horizon Capi- CEO Germany/Austria/Switzerland tal & Advisory GmbH

Prof. Dr. Günter Dufey Dr. Stephan Leithner Deutsche Bank AG Prof. Emeritus of the University of Member of the executive board Michigan

Stephan Gemkow Rudolf Matter Director of Schweizer Radio und Franz Haniel & Cie. GmbH Fernsehen (SRF) Chairman of the executive board 25

Dr. Thorsten Reitmeyer Stephan Johannes comdirect bank AG Theissing CEO Allianz SE Head of Corporate Finance Chairman of the Advisory Board

Professor Dr. Markus Rudolf WHU – Otto Beisheim School of Management, Associate Dean Johannes Züll RTL Hrvatska CEO

The Advisory Board consists of 10 na- tionally and internationally renowned experts from the fi elds of research and practice. Its members support the Allianz Endowed Chair of Finance in strategic projects and ensure an active exchange between the academic and corporate worlds. This year, the Advisory Board met on January 9, 2013 and on May 16, 2013 at WHU. 26

Research and Publications

Publications Baedorf Katrin [2010]: The Effi ciency of Ratio Models in Performance Measure- Back Janis, Prokopczuk Marcel, Rudolf ment - The Case of Private Banking Port- Markus [2013]: Seasonality and the Valu- folios. ation of Commodity Options, in: Journal of Banking and Finance, Volume 37, Is- Pavel Christoph, Rudolf Markus (WHU sue 2, p. 273-290. and McKinsey) [2010]: Systematic Credit Risk. Krume Tim, Rudolf Markus [2013]: Die Performance ist verbesserungswürdig, Rudolf Markus, Ulrici Valentin [2010]: in: Bank und Markt, Volume 42, Issue 2, Structural Model for Pricing Defaultable p. 35-38. Sovereign Bonds. Krume Tim, Rudolf Markus, Seiler Volker Biurrun Valeria, Rudolf Markus [2010]: [2013]: The Infl uence of Socio-Demogra- The Costs of Bank Earnings Manage- phic Variables on Customer Satisfaction ment. and Loyalty in the Private Banking Indus- Biurrun Valeria, Rudolf Markus [2010]: try, in: International Journal of Bank Mar- Mitigating Bank Earnings Management - keting, Volume 31, Issue 4, p. 235-258. The Role of Regulation and Supervision. Lücke Marc-Olivier, Rudolf Markus [2013]: Bankruptcy Codes, Bargaining, and the Valuation of Distressed Securities, in: Conference Presentations Problems and Perspectives in Manage- ment, Volume 11, Issue 2, p. 7-23. International Conference on the Restruc- turing of the Global Economy (ROGE), London [2013]: Schmütsch Jan Peter, Rudolf Markus, Rülke Jan Christoph Working Papers [2013]: Euro Stoxx 50 and the Business Rudolf Markus, Seiler Volker (WHU and Cycle: Revisiting Rationality. University of Paderborn) [2012]: Kunden- zufriedenheit im Private Banking. Back Janis, Prokopczuk Marcel, Rudolf Markus (WHU and Zeppelin University) [2011]: Seasonal Stochastic Volatility: Implications for the Pricing of Commodity Options. 27

Prof. Dr. Markus Rudolf holding the welcome speech during the Campus for Finance New Year‘s Conference 2013. Financial Markets, Politics applications from all over the world, more than 300 of whom were invited. The con- & Media: Who Rules the ference provided a platform to socialize, World? share insights, and discuss new ideas. On January 17-18, 2013 WHU – Otto The corporate talks, academic presen- Beisheim School of Management was tations, and panel discussions centered proud host of the 13th Campus for Fi- around the two main questions of this nance – New Year’s Conference. The year’s conference: “Who follows and who two-day conference was aimed at stu- leads in today’s fi nancial markets?” and dents, academics, young professionals “Who rules the world: politicians, institu- and corporates alike and offered each tional investors and bankers, or journa- group a tailor-made program. The confe- lists?” rence attracted more than two thousand 28

Corporate guests of this year’s confe- (CEO Germany/Austria/Switzerland, J.P. rence were offered a workshop titled Morgan), Rudolf Apenbrink (Head, Ger- “Banking on Regulation – A Confi dence man Speaking Countries, Global Finan- Game” by Dr. Martin Neuhaus (Partner, cial Advisory, HSBC Trinkaus & Burk- M&A Corporate Group, Shearman & hardt), Lorne Campbell (Head of Equitiy Sterling) and an academic workshop on in Germany, Member of German/Austrian “Seven Years of IFRS Reporting in Euro- Management Committee, Credit Suis- pe – Did it Work?” by Professor Thorsten se), Alexander Dibelius (CEO Germany, Sellhorn (Professor of Accounting, WHU Austria & CEE, Goldman Sachs), Pro- – Otto Beisheim School of Management). fessor Edwin J. Elton (Nomura Professor Student workshops were hosted by Bank of Finance, NYU Stern), Professor Lars of America Merrill Lynch, The Boston P. Feld (Professor of Economic Policy, Consulting Group, Deutsche Bank, HSBC Albert Ludwig University of Freiburg), Trinkaus, Leonardo & Co., Oliver Wyman Jürgen Fitschen (Co-Chairman of the and Rothschild. Young professionals par- Management Board and the Executive ticipated in the workshop “Banks in the Committee, Deutsche Bank AG), Profes- Crossfi re of Regulation – Opportunity or sor Roman Inderst (Professor of Finance Obligation for a Re-Design of the Banking and Economics, Goethe University Frank- Strategy?” hosted by KPMG. furt), Professor Takatoshi Ito (Professor of Economics and Dean Graduate School of Public Policy, University of Tokyo), Ted Moynihan (Partner and EMEA Head of Oliver Wyman – Financial Services prac- tice and Global Head of the Corporate & Institutional Banking Practice, Oliver Wyman), Henrik Müller (Deputy Editor- in-Chief, Manager Magazin), Sandra Navidi (Founder and CEO, Beyond Glo- bal), Martin Reitz (Head, German Spea- king Countries, Global Financial Adviso- ry, Rothschild), Christian Veith (Head of Germany, The Boston Consulting Group), Sandra Navidi (Founder and CEO, Beyond Global) Professor Anthony Saunders (John M. during her talk Schiff Professor of Finance, NYU Stern), Zeno Staub (CEO, Vontobel Group), Jan The Campus for Finance – New Year’s Weidner (Blackstone), Theodor Weimer Conference 2013 was enriched by the (CEO, UniCredit Bank), Axel Wieandt following speakers: Karl-Georg Altenburg 29

(CEO, Valovis Bank AG), Alex Wilmot-Sit- The Campus for Finance – New Year’s well (President, Europe & Emerging Mar- Conference is a student initiative sup- kets (ex-Asia), Bank of America Merrill ported by the Allianz Endowed Chair of Lynch), and Maximilian Zimmerer (CFO, Finance; Professor Dr. Markus Rudolf Allianz SE). serves as the Academic Director of the initiative. The organizing students were: Shikha Ahluwalia (Corporate Speakers), Stephan Duwe (Academic Speakers), David Esau (Budget & Communication), Robin Klemm (Participants), Lucas Koll- mann (Sponsoring), Cornelius Korn (IT), Johannes Rehberger (Organization), Pascal Schäfer (Young Professionals), Nicole Stein (Public Relations), and Jan Wodzinski (Corporates). The next Campus for Finance – New Rudolf Apenbrink (HSBC Trinkaus), Jan Weidner Year’s Conference will take place on (Blackstone), Robert Landgraf (Senior Correspon- January 8- 9, 2014 at WHU – Otto Beis- dent, Handelsblatt), Professor Anthony Saunders heim School of Management in Vallendar, (NYU Stern) and Henrik Müller (Deputy Editor-in- Chief, Manager Magazin) during Thursday’s panel Germany. Due to the envisioned expan- discussion on a “European Banking Union” sion of the conference, the event will for the fi rst time also partly be hosted in the The conference was supported by Bank Rhein-Mosel-Halle Convention Center in of America Merrill Lynch, Blackstone, The Koblenz. Boston Consulting Group, Credit Suisse, Deutsche Bank, HSBC Trinkaus, KPMG, Leonardo & Co., Oliver Wyman, and Ro- thschild. 30

From left to right: Prof. Dr. Markus Rudolf (academic director of the Campus for Finance association), Christo- pher Fink and Thomas Johann (receivers of the Best PhD Paper award), Julian Thimme and Patrick Koner- mann (receivers of the Best Paper Award 1st Price) and Sören Pippart (academic assistant to the Campus for Finance – Research Conference).

This year, the Campus for Finance Re- Management), Professor Anthony Saun- search Conference, starting one day ders (NYU Stern), Professor Thorsten ahead of the New Year’s Conference, Sellhorn (WHU – Otto Beisheim School of took place for the tenth time. The two-day Management), and Professor Mei Wang conference offered one hundred scholars (WHU – Otto Beisheim School of Ma- and practitioners from all over the world nagement). the opportunity to present and discuss 57 out of 110 papers were accepted for their latest research ideas. presentation and discussion at WHU; For the fi rst time, the Research Confe- the papers were evaluated by nearly a rence offered a workshop for outstanding hundred internationally renowned scho- PhD students, hosted by Professor Edwin lars serving as referees. The academic J. Elton (NYU Stern), Professor Martin organization was conducted by Professor Jacob (WHU – Otto Beisheim School of Dr. Markus Rudolf, Matthias Held, and 31

Sören Pippart of the Allianz Endowed to Nicole Branger, Patrick Konermann, Chair of Finance. and Julian Timme (all University of Mün- ster) for their paper “Returns on Cyclical During 18 sessions and a dinner in and Defensive Stocks in Times of Scarce WHU’s vaulted cellar, participants con- Information about the Business Cycle.” nected and discussed current topics in The second prize of € 500 was awarded research. The Research Conference to Christian Curac, Sebastian Lobe, and was further enriched by two keynote lec- Christian Walkshäusl (all WHL – Gradu- tures. Professor Anthony Saunders (NYU ate School of Business and Economics) Stern) discussed the question “Are Banks for their paper “Yes, Value Investors Do Still Special?” and Professor Edwin J. El- Recommend Value Stocks, and They ton (NYU Stern) presented his research Are Profi table, too!”. The best PhD paper “Does Mutual Fund Size Matter?”. award went to Christopher Fink and Tho- Once again, the WHU Finance Award mas Johann (both University of Mann- – granted by the academic board of the heim) for their paper “May I Have Your Campus for Finance conference – was Attention, Please: The Market Microstruc- rewarded to the best papers. Two of the ture of Investor Attention.” regular conference papers and one of the PhD workshop papers were selected for the award. The fi rst prize of € 1,000 went 32

Heading for New Shores – nately discussed how the Private Equity industry could strengthen its business in Crisis as a Chance the aftermath of the fi nancial crisis and effectively face new challenges. Workshops for corporate representatives were conducted by Wellensiek Rechts- anwälte, Oliver Wyman, and Atheneum Partners, while young professionals par- ticipated in workshops by Quadriga Ca- pital, Bryan Cave, and Wieland Capital. Workshops for students and academics were offered by Bain & Company and De- loitte & Touche.

Professor Dr. Markus Rudolf during his opening speech at the Campus for Finance - Private Equity Conference 2013 On April 11 & 12, 2013 the Campus for Finance – Private Equity Conference took place at WHU – Otto Beisheim School of Management in Vallendar. For the eighth time, students, young professionals, and industry representatives were offered a platform for presentations and discus- sions of the latest trends in Private Equity. In keynote speeches and panel discus- Participants at the workshop given by Christof Dreib- sions, renowned industry professionals holz and Kerstin Niedernolte from Deloitte offered fascinating insights and updates The following speakers enriched the Pri- from the Private Equity industry. The on- vate Equity Conference: Cai Berg (Vice going sovereign debt crisis and resulting President, Lazard & Co.), Michael Brigl market uncertainties defi ned this year’s (Principal, The Boston Consulting Group), conference topic. Participants passio- Wolfgang Biedermann (Managing Di- 33

rector, H.I.G. Capital), Marco Brockhaus Consulting Group, Venture Capital Ma- (Managing Director, Brockhaus Private gazine, Wellensiek Rechtsanwälte, and Equity), Marcus Brüning (Senior Direc- Wieland Capital. tor, Alvarez & Marsal), Juan Campos (Vice President, Goldman Sachs), Chri- stof Dreibholz (Partner, Deloitte), Tobias Eichner (Partner, Oliver Wyman), Marcel Günther (Senior Vice President, Com- merzbank AG), Torsten Grede (Spokes- man of the Board, Deutsche Beteiligungs AG), Till Hafner (Senior Lawyer, Wel- lensiek Rechtsanwälte), Tobias Habbig (Executive Director, Morgan Stanley), Rainer Husmann (Managing Director, Allianz Capital Partners), Arndt Kaminski (Partner, Bain & Company), Christoph D. Jürgen Pinker from The Blackstone Group sharing Kauter (Managing Partner, Trigon Equity his views on the Private Equity industry Partners), Markus Mentz (Partner, Oliver The Campus for Finance – Private Equity Wyman), Kerstin Niedernolte (Director, Conference is an initiative entirely orga- Deloitte), Daniel Pindur (Director, CVC nized by WHU students and supported Capital Partners), Jürgen Pinker (Prin- by the Allianz Endowed Chair of Finance cipal, The Blackstone Group), Oliver with Professor Markus Rudolf as its aca- Räuscher (Partner, Roland Berger Stra- demic director. The organizing students tegy Consultants), Ralf Schnell (CEO, were: Felix Bauch (Speakers), Daniel Siemens Venture Capital), Felix Treptow Franke (Organization), Frank Kubasch (Investment Director, Orlando Manage- (Corporate Program), Rene Maler (Bud- ment), Jürgen von Wendorff (Member of get & Communication), Christopher May the Board, Hannover Finanz), and Martin (Sponsoring), and Elena Zabert (Press). Weckwerth (Partner, Permira). We very much look forward to next year’s This year’s Campus for Finance – Private Campus for Finance – Private Equity Equity Conference was supported by Al- Conference which will take place in Val- varez & Marsal, Atheneum Partners, Auc- lendar on March 27 & 28, 2014. tus Capital Partners, AXA Private Equi- ty, Bain & Company, Brockhaus Private Equity, Bryan Cave, Deloitte, General Atlantic, Lazard, Oliver Wyman, Quadri- ga Capital, Rantum Capital, The Boston 34

Bucerius/WHU Master of Law and Business – Joachim Herz Program

MLB Class of 2013 at graduation date

Chair holder Prof. Dr. Markus Rudolf is with the key legal challenges that confront the Academic Co-Director of the Master internationally operating companies. By of Law and Business Program, a joint applying a comparative law approach, the program with the Bucerius Law School in participants learn to evaluate internatio- Hamburg, which was launched in 2006. nal legal challenges by integrating diffe- He is responsible for the program’s busi- rent perspectives from multiple legal sys- ness and management curriculum. tems. The business studies component of the program is primarily concerned with The Bucerius/WHU Master of Law and the kinds of basic business management Business - Joachim Herz Program aims knowledge that are particularly relevant to to provide students with preparation in commercial lawyers. The special features the fi elds of law and business studies of the program are that it offers comple- by offering combined lectures on special mentary law and business courses, takes topic areas. The target group consists of an interdisciplinary approach to central international students whose fi rst degree issues in international business, and uses is primarily in law or business studies with a lifecycle-based method. The program is at least two years of working experience. also unique in offering internationally fo- The program’s legal component deals cused, comparatively oriented classroom 35

instruction with teaching staff from many profoundly international character even countries. An internship, the General Stu- further. dies curriculum, a Master’s thesis, a Cap- stone course and a Social Project round The two Live-in Weeks of the out the degree program. All of these ele- Bucerius/WHU Master of Law ments are integrated into one – very in- tensive – calendar year. and Business Class of 2013 at the WHU In addition to the business and law stu- dies courses, the participants gain prac- From September 23-29, 2012 and from tical skills, as well. The students receive May 12-17, 2013, WHU welcomed the writing courses in drafting English-langu- students of the Bucerius/WHU MLB age contracts, letters, and memos as well Class of 2013 in Vallendar. During the as courses in negotiation skills. two live-in weeks, the students enjoyed diverse lectures as well as a lively and di- The students in the program are cha- verse social program. The students could racterized by a high degree of internati- choose from a variety of business and law onalism and diversity: the participants in courses. In addition to the lectures, they the Class of 2013 represent 30 countries were also invited to participate in compa- on fi ve continents. The program primarily ny presentations by the Deutsche Bank takes place on the campus of Bucerius and in the Career Day organized by the Law School in Hamburg, but the partici- career service of WHU. They got to know pants also spend time on the WHU cam- the members of the MBA Class of 2013 pus for two live-in weeks, for some stu- and gained a positive fi rst impression of dent events, and, in some cases, while In Praxi, the alumni association of WHU. they are writing their Master’s thesis. During the two weeks in September and With the successful completion of the May the students were invited to expe- program, students are graduates both of rience some cultural highlights of the regi- WHU and of the Bucerius Law; they are on: they viewed the landscape of castles very welcome to join both alumni net- in the Rhine Valley, including a guide tour works. The commitment of the Joachim and a knights’ banquet at the Marksburg Herz Foundation deserves our particular in Braubach; enjoyed a boat trip to the mention. The German non-profi t founda- Rhine village of Boppard and a hiking tour tion has provided generous fi nancial sup- through the vineyards; and took a guided port to the MLB Program since 2009 in tour through the Ehrenbreitstein Fortress, order to strengthen the program’s already including a cable car ride to the German corner. These events successfully esta- 36

blished a sense of community between national contract law in Cologne, for the the students and the MLB team from Bu- legal instruction. cerius Law School and WHU. Student representative Kimberly Ew- ton from the US spoke on behalf of her classmates about their experiences over the past 12 months. At the end of the ce- remony, the participants of the new MLB Class, 52 students from 31 countries, were enrolled in the MLB Book. As the class of 2013 departed, they wished the inc incoming class of 2014 a successful and productive year ahead. MLB Class of 2013 during the second Live-in Week at the WHU Campus Vallendar

Graduation Ceremony of the MLB Class of 2013

The seventh class of the Bucerius/WHU Master of Law and Business – Joach- im Herz program donned their caps and gowns on September 3, 2013 for the MLB Graduation Ceremony. Prof. Dr. Axel Wie- andt, chairman of the executive board, Valovis Bank was the keynote speaker.

This year more 51 students successfully completed the Master of law and Business Program and received their diplomas. In addition to the conferral of diplomas, the DAAD Prize for Excellence in Service and Engagement went to Etai Biran from Is- rael. The “Best Teacher Award Law and Business” went to Dr. Stefan Jentzsch, Partner at Perella Weinberg Partners in London, for business instruction and to Prof. Dr. Stefan Kröll, arbitrator for inter- 37

Doctoral Seminar Burgenland

Prof. Dr. Markus Rudolf while leading a dicussion on the current fi nancrial crisis in 2012

This year’s doctoral seminar will be held Asset Managers) and Prof. Dr. Otto Loistl in Burgenland, Austria, from October 3rd (Emeritus of Vienna University of Econo- till October 5th, 2013. At the moment of mics and Business). writing the annual report the seminar has therefore not yet taken place. As in previous years the primary goal of this year’s event lay in the presentation Doctoral Seminar Burgenland 2012 and discussion of research projects. Ad-

ditionally, participants received the op- Continuing the tradition, the Allianz En- portunity to exchange ideas and opinions dowed Chair of Finance followed the regarding their respective research pro- invitation of the Finanznetzwerk e.V. to jects. participate at the annual doctoral seminar in Burgenland, Austria. Last year’s event The participant’s arrival was planned for took place from July 12th till July 14th Thursday, July 12th. After check-in and a 2012. Among the 18 participants were general meeting of the Finanznetzwerk professors and doctoral candidates from e.V. a joint dinner was organized in a lo- WHU – Otto Beisheim School of Manage- cal restaurant. The Friday was reserved ment and the University of Bamberg, as for presentations and discussions. Eleven well as WHU alumni. Additional partici- research projects were presented throug- pants were Dr. Hartmut Leser (Aberdeen hout the day, while for each presenta- 38

tion enough time was allocated for an • Herold, Michael (University of Bam- elaborate discussion and feedback. The berg): Stochastic Discount Factors and seminar ended on Saturday after a joint Currency Options breakfast. • Held, Matthias (WHU): Option Implied The following research projects were pre- Sentiment sented on Friday, July 13th 2012: • Frankenfeld, Johannes (WHU): Tuition • Feldhues, Matthias (WHU): Equity home funds as asset class bias • Kapraun, Julia (WHU): Volatility as an • Kaufmann, Tobias (University of Bam- asset class berg): Valuation of EFSF/ESM Bonds

• Schmütsch, Jan Peter (WHU): Financi- al Analysts’ Forecasts: Lessons from the Crisis

• Harder, Katja (WHU): Staatsausfallrisi- ko in der EURO-Zone – Eine empirische Analyse der Determinanten

• Krume, Tim (WHU): Private Banking Ra- ting Tim Krume (WHU) while presenting his research pro- ject in 2012 • Kümmerle, Ruth (WHU): Illiquid Invest- ments in a Portfolio Context

• Pippart, Sören (WHU): The Exchange Rate Disconnect Puzzle 39

Course Offerings of the Finance Group

BSc Program MSc Program

Fall Term 2012: Fall Term 2012:

• Asset Pricing (2 SWS, Dr. Michel) • Capital Market Theory (2 SWS, two • Literature Seminar “Recent Topics groups, Prof. Dr. Rudolf) in Corporate Finance and Corporate • Advanced Corporate Finance (2 Governance” (2 SWS, Prof. Dr. Yur- SWS, Prof. Dr. Yurtoglu) toglu) • Advanced Valuation (2 SWS, Prof. • International Capital Markets and Dr. Andres) Derivatives (2 SWS, Prof. Dr. Mei Wang) Spring Term 2013:

Spring Term 2013: • Financial Risk Management (2 SWS, Prof. Dr. Johanning) • Foundations of Finance (2 SWS, two • Financial Derivatives (2 SWS, Prof. groups, Prof. Dr. Rudolf) Dr. Wang) • Corporate Finance (2 SWS, two • Asset Management (2 SWS, Dr. Le- groups, Prof. Dr. Andres) ser) • International Capital Markets and • Business Game (2 SWS, Assistant Derivatives (2 SWS, Prof. Dr. Mei Prof. Dr. Schweizer) Wang) • Behavioral Finance (2 SWS, Prof. Dr. • Alternative Investments (2 SWS, As- Wang) sistant Prof. Dr. Schweizer) • Asset Management (2 SWS, Prof. Dr. Johanning) Full-Time MBA Program • Introduction to Banking (2 SWS, Prof. Dr. Wieandt) Fall Term 2012: • Investment Banking (2 SWS, Prof. • Corporate Finance (2 SWS, Prof. Dr. Dr. Achleitner) Andres) 40

Full-Time MBA Program Part-Time MBA Programm Fall Term 2012:

• Corporate Finance (2 SWS, Prof. Dr. Spring Term 2013 Andres) • Corporate Finance (2 SWS, Prof. Dr. Andres) Spring Term 2013 • Managerial Finance (2 SWS, Prof. Dr. Yurtoglu) • Managerial Finance (3 SWS, Prof. • Risk Management (2 SWS, Prof. Dr. Dr. Yurtoglu) Johanning) • Risk Management in Corporates and Financial Institutions (2 SWS, Assi- stant Prof. Dr. Schweizer)

41

The Lectures

Foundations of Finance Foundations of Investments (Prof. Dr. Rudolf) 2 SWS, 2 (Prof. Dr. Rudolf 2 SWS, MLB groups, BSc Program) Program)

...is a compulsory course for the Bache- ... is a lecture of the MLB Program. The lor students. The lectures are held in En- course covers the foundations of fi nan- glish. The course covers the foundations cial decision making. The theoretical of fi nancial decision making. It focuses on guideline of the course is inspired by pa- investment decisions fi rst under certain- radigms, neoclassical economics as well ty and then under uncertainty. It presents as behavioral economics. The course solutions to the optimal combination of provides an introduction to the basic con- risky assets in a portfolio and the determi- cepts of fi nance. Investments under cer- nation of the market price of risk. tainty, the valuation and risk assessment of bonds as well as behavioral biases are 162 students passed the exam in Spring considered. Term 2013 with an average grade of 2.41. In Fall Term 2012 there were 16 studen- The overall grading is shown in the fi gure ts of the MLB program who passed the below. exam with an average grade of 2.1. The overall grading is shown in the fi gure be- low.

Foundations of Finance Foundations of Investments 30 6

25 5

20 4

15 3

10 2

5 1

0 0 1,0 1,3 1,7 2,0 2,3 2,7 3,0 3,3 3,7 4,0 5,0 1,0 1,3 1,7 2,0 2,3 2,7 3,0 3,3 3,7 4,0 5,0 42

Introduction to Banking Investment Banking (Prof. (Prof. Dr. Wieandt 2 SWS, Dr. Achleitner 2 SWS, BSc BSc Program) Program)

... is an elective course for Bachelor’s ... is a course offered by Prof. Dr. Paul students. The course is offered by Prof. Achleitner for students in the third or fi fth Dr. Axel Wieandt. The lectures cover es- semester of their Bachelor studies. The sential aspects of fi nancial intermediati- products and services as well as the ac- on, banking, and the functions, products, tual trends in the M&A business are pre- and services of banks. A special focus is sented. The focus lies on the analysis of placed on the following two points: (1) the strategic drivers, the capital markets analyzing the economic structures of the drivers, and the company-specifi c drivers banking sector and (2) communicating a of the M&A business. Furthermore the basic knowledge of the activities, struc- market for company controls is dealt with. ture, and functions of banks. Descriptive case studies are used to deduce ten- In Spring Term 2013, 32 students of the dencies and strategies in the fi nancial BSc Program passed the exam with an services sector. The lectures are held in average grade of 2.28. The overall gra- English. ding is shown in the fi gure below.

19 students of the BSc Program passed the exam in Spring Term 2013 with an average grade of 2.26. The overall gra- ding is shown in the fi gure below.

Introduction to Banking Investment Banking 4,5 8

4 7 3,5 6 3 5 2,5 4 2 1,5 3 1 2 0,5 1 0 0 1,01,31,72,02,32,73,03,33,74,05,0 1,0 1,3 1,7 2,0 2,3 2,7 3,0 3,3 3,7 4,0 5,0 43

Asset Management (Dr. Le- Asset Management 16 ser, 2 SWS, MSc Program) 14 12 …enables students to understand the 10 structure and current issues of the mar- 8 ket for active and passive asset manage- 6 ment services and their relationship to a 4 number of concepts of capital market the- 2 ory. After completing the course, students 0 are familiar with the various styles, tools, 1,0 1,3 1,7 2,0 2,3 2,7 3,0 3,3 3,7 4,0 5,0 and techniques of real-life asset manage- ment.

Part I of the lecture revisits important ele- ments of capital market theory with a spe- cial emphasis on those aspects of model architecture which are not usually cove- red in textbooks. Part II explains the basic structure of the asset management indus- try by deviations from the perfect world of theory. It analyses the tools and tech- niques applied by real world asset ma- nagers as well as the role of investment consultants. In addition, the demand side of the market is analyzed by describing the methodologies and tools of institutio- nal investors.

In Spring Term 2013, 43 students passed this lecture with an average grade of 1.99. The overall grading is shown in the fi gure below. 44

Capital Market Theory (Prof. Dr. Rudolf, 2 SWS, MSc Pro- gram)

. ... is the foundation of the Finance elec- tive in the MSc program. It is offered in the fi rst semester (study section 1) and the fi rst quarter of the program. It covers the theoretical background of the main topics in fi nance, namely Option Pricing, State Preference Theory, and Behavioral Fi- nance. Additionally, the course discusses the analysis of Sovereign Credit Risk. The course provides the students with the tools and knowledge for the remaining fi - nance courses in the MSc program, which are Valuation, Capital Structure, Deriva- tives, Financial Risk Management, Asset Management, and Behavioral Finance.

In Fall Term 2012, 83 students passed the exam with an average grade of 2.21.

Capital Market Theory 16 14 12 10 8 6 4 2 0 1,0 1,3 1,7 2,0 2,3 2,7 3,0 3,3 3,7 4,0 5,0 45

Course Evaluations - (DOBES)

Student course evaluations are carried The BSc Program lecture “Investment out each semester in order to encourage Banking” held by Prof. Dr. Achleitner re- the continuous improvement of teaching ceived a 1.5 in Spring Term 2013. quality. Students are able to anonymously The BSc Program lecture “Introduction to evaluate the quality of the courses after Banking” offered in Spring Term 2013 by each lecture period via the DOBES sys- Prof. Dr. Wieandt received a 1.61. tem (DOzentenBEwertungsSystem). The courses of Prof. Dr. Rudolf were The evaluation of the courses is based on also very positively reviewed. In the MLB a questionnaire that measures the qua- Program his lecture “Foundations of In- lity of different course criteria (lecturer, vestments” received a 4.64 (5.0 is the course structure, student input, reaso- best grade). His lecture “Capital Markets nable requirements). Generally, courses Theory” in the MSc Program received a with 15 or more attendees are evaluated. 2.1 in Fall Term 2012. Furthermore, the For the BSc and MSc Programs grading compulsory BSc lecture “Foundations of is from 1 (“strongly agree”) to 5 (“stron- Finance” received a 1.85 in Spring Term gly disagree”). For the MLB Program the 2013. grading scale is inverted; this means that Moreover, Dr. Leser obtained a 2.07 for grading ranges from 5 (“strongly agree”) his lecture “Asset Management” in the to 1 (“strongly disagree).” MSc Program in Spring Term 2013. 46

Dissertations

The objective of this research project is to analyze risk preferences in a laboratory experiment. Experiments with about 100 participants have been conducted in the WHU Behavioral Lab and in the BonnE- conLab in order to gain a deeper under- standing of third-order risk preferences such as preferences for skewness and prudence. A preference for skewness is Volker Anger relevant, for example, in a portfolio con- Topic: The Pricing and Hedging of Volati- text, as returns of most asset classes are lity Derivatives not normally distributed - as traditionally assumed - but skewed. The chosen expe- Referee: Prof. Dr. Markus Rudolf rimental approach ensures that the analy- Second referee: Prof. Dr. Olaf Korn sis is not just based on economic theory but comprises empirical data obtained by individual decision making under uncer- tainty.

Michael Borß Research assistant at WHU until May Dennis Dlugosch 2011 Research assistant at WHU since May Topic: Third Order Moment Preferences 2011 in Decision Making – An Experimental Topic: On Home Bias and Knightian Approach Uncertainty Referee: Prof. Dr. Markus Rudolf Referee: Prof. Dr. Mei Wang Second referee: Prof. Dr. Frauke Lam- Second referee: Prof. Dr. Markus Rudolf mers 47

According to Obstfeld & Rogoff (2001; The six major puzzles in international ma- croeconomics: is there a common cau- se?“ in: Bernanke, Rogoff (eds.): NBER Macroeconomics Annual 2000, Vol. 15. MIT Press, pp. 339-412.), home bias is one of the “six major international ma- croeconomics puzzles.” There is growing behavioral evidence that the fear of the unknown plays a role in investors’ port- Jan Eiben folio decisions. Whereas the empirical literature uses proxies for perceived am- Topic: The Financing of Family Enterpri- biguity, attitudes towards ambiguity are ses in Germany overlooked. Using data from a worldwide Referee: Prof. Dr. Peter Witt survey, we fi t a three-way fi xed effects pa- nel model to investigate whether investors Second referee: Prof. Dr. Markus Rudolf have aversion-to-ambiguity preferences. Further investigating this area, the se- cond project uses an experiment to shed light on the question of whether variables frequently used to proxy for perceived ambiguity, such as familiarity (measured via the distance between two countries) or patriotism, reduce investors’ perceived ambiguity or if there are preferences for Dr. Marc Engelbrecht familiarity/patriotism per se. Topic: Asset Allocation in the fi eld of Pri- vate Banking Referee: Prof. Dr. Markus Rudolf Second referee: Prof. Dr. Rolf-Uwe Fül- bier This dissertation look at strategic asset allocation for high net-worth individuals and the characteristics of alternative as- set classes relevant to them. Risk is de- 48

scribed in a more accurate way than from pirical evidence on the equity home bias a normal distribution by considering fat exhibited by portfolio investors around tails and asymmetry as well as adjusting the world. It contributes to the literature for illiquid/smoothed returns autocorrela- by analyzing if potential sources of diver- tion. Expectations deviating from the hi- sifi cation benefi ts such as country and in- storic development are fl exibly included dustry effects translate to visible patterns into robust return estimates using “en- in international equity investment. More- tropy pooling.” Additionally the approach over, the impact of foreign exchange risk approximates the long-term portfolio de- and additional concepts from the neoclas- velopment and analyzes scenarios like a sical and behavioral fi nance literature on crisis on the stock market. equity home bias is tested. The dissertation was completed in 2013.

Johannes Frankenfeld

Matthias Feldhues Topic: Higher Education Financing Funds as an Asset Class Research assistant at WHU since July 2011 Referee: Prof. Dr. Markus Rudolf Topic: Determinants of equity home bias Second referee: : Prof. Dr. Dr. h. c. Jürgen of international portfolio investors Weber Referee: Prof. Dr. Markus Rudolf Any type of education is associated with costs. From an economic view it is fair Second referee: Prof. Dr. Mei Wang that the person who benefi ts also covers In fi nancial research, the prevalence of the associated costs. However, fi nancing equity home bias - i.e. the observation options are limited or unattractive for stu- that domestic investors hold too little of dents. Alternative fi nancing options could their fi nancial assets in foreign equities - is solve the at least some issues and give often considered irrational or suboptimal. investors new return and diversifi cation This research project aims to collect em- options. The aim of this research project 49

is to evaluate alternative fi nancing options analysis of the risk factors is carried out from the investors’ perspective and high- using a structural equation model. light the possible implications of alternati- ve fi nancing options as a new asset class on the asset allocation of an investor.

Matthias Held

Research assistant at WHU since August Katja Harder 2010 Research assistant at WHU since Decem- Topic: Option Implied Sentiment ber 2010 Referee: Prof. Dr. Markus Rudolf Topic: Sovereign Risk in the Euro Area – Second referee: Prof. Dr. Mei Wang An Empirical Analysis of the Determinants Following the option implied sentiment Referee: Prof. Dr. Markus Rudolf theory of Shefrin (2008), this thesis esti- Second referee: Juniorprof. Dr. Achim mates the time series of sentiment from Czerny actively traded S&P 500 index options and the index itself. The time series pro- A specialty of the debt crisis in Europe, perties of the sentiment factor are exa- in contrast to the earlier debt crises, is mined and their potential contribution to the fi nancial integration of the European the cross section of stock returns is as- states by a common currency. The basic sessed. question is: what are the underlying eco- nomic determinants driving the debt crisis in Europe? The objective of the PhD pro- ject is to develop a quantitative empirical model that enables an investigation of the infl uence of relevant determinants on the default risk of a country in the Euro Zone. Because of the variety of considered eco- nomic and political risk determinants, the 50

Samah Adel Ibrahim Julia Kapraun Topic: Assessing the readiness of the Research assistant at WHU since July Egyptian market for derivatives: A propo- 2011 sed derivatives market in Egypt. Topic: Volatility as an Asset Class - The Referee: Prof. Dr. Markus Rudolf Benefi ts of Volatility Investments in Equity Portfolio Management Second referee: Prof. Dr. Burcin Yurtoglu Referee: Prof. Dr. Markus Rudolf This study aims at providing an analysis of the factors that might hinder or slow Second referee: Prof. Dr. Lutz Johanning the introduction of derivatives in Egypt The focus of the dissertation is to pro- and assesses the requirements of a suc- vide a formal analysis of the benefi ts of cessful introduction and implementation volatility investments in equity portfolio of such a fi nancial tool. Factor analysis management. The fundamentals and will be implemented for the factors and characteristics of volatility are considered the requirements to reach the most effec- and analyzed regarding their contribution tive ones to the Egyptian context then will to the attractiveness of the volatility as an both be fed into structural equation model own asset class. The results are taking (SEM) to estimate the weights and effect into account to construct an optimal port- of their interrelationships. Using the re- folio strategy with volatility derivatives for sults of the previous analysis and SEM, a European investor in the mean-variance the appropriate derivatives market and as well as in the stochastic volatility fra- tools will be proposed. meworks. 51

method of private banking providers. The conceptualization of the underlying model is conducted in accordance with literature on service quality and customer satisfac- tion. The empirical examination is admi- nistrated by means of structural equation modeling with data directly obtained from private banking clients. Silke Krieg The dissertation was completed in 2013. Topic: Vertrauen in der Finanzdienstlei- stungsindustrie Referee: Prof. Dr. Martin Fassnacht Second referee: Prof. Dr. Markus Rudolf

Ruth Kümmerle Research assistant at WHU since April 2011 Topic: Illiquid Investments in a Portfolio Context Dr. Tim Krume Referee: Prof. Dr. Markus Rudolf Research assistant at WHU since Octo- Second referee: Prof. Dr. B. Burcin Yur- ber 2010 toglu Topic: Private Banking Rating - An empiri- The special risks of illiquidity cannot be cal method for assessing private banking fully captured by traditional portfolio op- providers from a client perspective timization. Therefore, this thesis project Referee: Prof. Dr. Markus Rudolf aims to analyze the special characte- ristics of illiquidity in depth and tries to Second referee: Prof. Dr. Sabine Klein answer the following questions: How can This research project is concerned with one measure illiquidity? How does one the development of a qualitative rating model illiquidity? What are the implica- 52

tions for portfolio optimization with illiquid suitability of the recently proposed regu- investments? The results of the research lation for systemically relevant banks de- project will provide a better understanding veloped by the Financial Stability Board of illiquidity and of its implications for port- and the Basel Committee for Banking Su- folio optimization. These results can be of pervision. interest for theoreticians and practitioners alike who deal with illiquid investments in a portfolio context.

Marcel Omachel

Research assistant at WHU since March Sebastian C. Moenninghoff 2013 Topic: The Regulation and Supervision Topic: The informativeness of the Europe- of Systemically Relevant Banks following an sovereign CDS market - price disco- the Financial Crisis of 2008 - An Econo- very, systemic risk and short sale cons- mic Analysis traints Referee: Prof. Dr. Markus Rudolf Referee: Prof. Dr. Markus Rudolf Second referee: Prof. Dr. Lutz Johanning Second referee: NN Third referee: Prof. Dr. Axel Wieandt European sovereign CDS spreads have become a widely used indicator of fi nan- The thesis aims to derive policy recom- cial market stability. Using sovereign CDS mendations for the regulation of syste- spreads to deduce information about the mically relevant banks. It examines the stability of fi nancial markets presumes evolution of the concept of systemic that prices are suffi ciently effi cient. Re- relevance of banks both in theory and cent empirical studies on the price disco- practice, analyzes the regulatory policy very relationship between CDS spreads choices to limit systemic risk and the Too- and bond yields have verifi ed superior Big-to-Fail doctrine, and evaluates the informational effi ciency of CDS over bond 53

markets. It is therefore all the more im- The dissertation was completed in 2012. portant to understand the impact of the EU short selling regulation (“Regulation (EU) No 236/2012”), which, inter alia, bans naked short positions on sovereign CDS contracts. This research project analyzes the informational effi ciency of the sovereign CDS market and the im- pact of the EU short selling regulation on the price discovery relationship between CDS, bond and equity markets. There- Sören Pippart by emphasis is put on systemic risk. In particular, it will be studied how systemic Research assistant at WHU since Octo- risk propagates between CDS, bond and ber 2011 equity markets. In addition, the European Topic: Exchange Rate Determination – sovereign CDS market denominated in The Role of Financial Crises EUR is investigated on the basis of which an indicator of the systemic importance Referee: Prof. Dr. Markus Rudolf of individual Eurozone countries will be Second referee: Prof. Dr. Ralf Fendel constructed. The objective of this research project is to reassess the exchange rate disconnect puzzle by focusing on the fi nancial rat- her than the macroeconomic facets. The puzzle describes the phenomena that ex- change rates cannot be adequately deter- mined by macroeconomic fundamentals. Within the analysis the explanatory power of selective fi nancial market data is inve- Dr. Umut Ordu stigated. Thereby special attention is paid to the most recent developments on the Topic: Cross Market Analysis - Option Im- fi nancial markets, in particular to the crisis plied Information for Quantitative Equity of the EMU. Portfolio Management Referee: Prof. Dr. Lutz Johanning Second referee: Prof. Dr. Markus Rudolf 54

Nicolas Schmidt Jan Peter Schmütsch Topic: Determinants of corporate success Research assistant at WHU since April for Asset Managers in Germany 2012 Referee: Prof. Dr. Lutz Johanning Topic: Financial Analysts’ Forecasts – Lessons from the Crisis Second referee: Prof. Dr. Markus Rudolf Referee: Prof. Dr. Markus Rudolf Second referee: Prof. Dr. Ralf Fendel This research project aims to describe how economic crises and biases in fi nan- cial analysts’ forecasts interact and how this could be attuned with standard and alternative concepts of rationality. In the fi rst part, the loss functions of analysts delivering prognoses for companies listed in Europe and the U.S. are estimated using a method by Elliott et al. (2005). Re- lying on the ingenious herding detection method of Bernhardt (2006), the second part uncovers and compares forecast bi- ases in Germany and the U.S. over time and quantifi es the impact of the bias on forecast accuracy. 55

BSc Theses Abstracts

Philip Grosse-Natrop Philipp Klais

BSc BSc Tutor: Matthias Feldhues Tutor: Katja Harder Topic: On Drivers of International Stock Topic: Markowitz in der heutigen Zeit Return The use of Markowitz’s mean-variance In my thesis, I review the development optimization as a tool for asset allocation of country and industry effects as drivers has been both praised and criticized by of international stock returns. In order to academics as well as practitioners. Con- do so, I discuss fi xed-effect models and sidering existing alternatives and the hi- mean-variance spanning tests and review storical development, this article shows the primary literature of the last 40 years. that Markowitz’s theory is still a proper and particularly practical tool. Additional- A clear trend that emerged in the past is ly, questions arising from the current use the increasing signifi cance of industry ef- of such a tool are answered and an op- fects, which are now similar in magnitude timization model for the Wealth Manage- to country effects. From a portfolio per- ment department of Commerzbank is de- spective, research has shown that mixed veloped, which is based on Markowitz’s and industrially diversifi ed portfolios per- optimization but signifi cantly improves its form better than geographically diversi- practical applicability by increasing portfo- fi ed portfolios. These fi ndings force both lio weights’ stability and continuity to avoid asset managers and private investors to structural breaks in the wealth allocation. rethink their strategy. 56

Cornelius Korn Alexandra von Bernstorff

BSc BSc Tutor: Sören Pippart Tutor: Ruth Kümmerle Topic: Exchange Rate Determination – A Topic: Die Forfaitierung als Instrument Model Review der Liquiditätsbeschaffung im Mittelstand sowie zur Risikoabsicherung im Export The foreign exchange market is changing. Besides the growing daily market turno- When exporting to foreign countries, Ger- ver, volatility of exchange rates increased man small and medium-sized enterprises in recent history. The evolving question (SMEs) are faced with a risk of late pay- is, to what extend classical exchange rate ment and payment defaults which can models are still able to explain and predict result in severe liquidity shortages. This currency market movements. I will exa- paper examines the role of forfaiting for mine this question, by looking at different SMEs depending on size and age of the exchange rate regimes and classical ex- company and the macroeconomic envi- change rate models, describing how they ronment. It is concluded that forfaiting can work, and assess their quality in captu- be an effective fi nancial instrument for ring nowadays foreign exchange market. any SME, independent of its capital struc- Due to existing limitations of the classical ture, to ensure a cash-infl ow, especially models, concluding new ideas and ap- if the company is in immediate need of proaches are presented and possibilities liquidity or wants to sell receivables from for further research are pointed out. a high-risk country.

57

MSc Theses Abstracts

Veit Albert Christoph Basner MSc MSc Tutor: Ruth Kümmerle Topic: Investment in studentisches Woh- nen – Chancen und Risiken – Abgren- Topic: Strategic Market Entry Options for zung zu „normalen“ Wohnimmobilien – the German Private Banking Market – Als Kapitalanlage geeignet? The Case of Swiss Private Banks Tutor: Matthias Feldhues Focusing on Swiss private banks, this paper examines strategic options for an This paper examines student housing re- entry into the German Private Banking garding its underlying risks, delimits stu- market. For this purpose a market entry dent housing from other property types, framework is developed. It provides op- and identifi es investors for whom student tions and guidance for the two major stra- accommodation is a suitable asset class. tegic choices of market entry – the entry The thesis shows that student housing is mode choice and the business strategy driven by characteristics that differ from choice. For the former, potential market other property types and is therefore of in- entry modes are elaborated, hypotheses terest for investors to diversify portfolios. on determinants of market entry mode However, not every type of investment fi ts choice are derived, and a potential quan- investors’ requirements, since there are titative research set-up for hypotheses differences in the risk-return profi le of pro- testing on a private bank sample is de- jects. These differences are mostly based signed. For the latter, a customer-centric on the environment in the respective ci- business strategy framework is derived ties. This insight is supported by a study from strategic management literature and using an investment model in 79 German options for calibrating its major strate- cities. gic variables are developed. In addition, semi-structured interviews are conducted 58

with decision-makers of Swiss private bias shows substantial differences de- banks to gain qualitative, exploratory in- pending on the specifi c variable and the sights from Private Banking practice on asset class tested. the validity of the hypotheses and the business strategy framework.

Norman Kasten MSc Pedro Borges Tutor: Matthias Held MSc Topic: Basel III – Achieving stability or the Tutor: Matthias Feldhues fi rst step into a new crisis? Topic: Home Bias and Sovereign Debt The Master’s thesis “Basel III – Achieving Risk stability or the fi rst step into a new crisis?” analyzes the new banking regulations de- This paper analyzes the impact of sove- veloped in response to the fi nancial crisis. reign risk on equity and bond home bias It gives a summary of the fi nancial crisis in light of the two last fi nancial crises. I and why the old regulatory framework build unilateral and bilateral measures did not prevent it. The quantitative part of home bias for 19 developed econo- of the thesis consists of a model which mies and test their relationship with four estimates the impact on bank lending different proxies of sovereign risk: credit due to the higher capital requirements. default swaps spreads, country ratings, Finally, the strength and weaknesses of yield-to-maturity rates of government the new measurements are discussed, bonds and a junk dummy. Results in this also with regards to the economic costs study provide two key insights: (1) sove- of implementation. The conclusion is that, reign risk does play a signifi cant role on although Basel III has its weaknesses, it international portfolio selection choices; is a step in the right direction. (2) the impact of sovereign risk on home 59

Viktoria Schäfer Stephan Struwe MSc MSc Tutor: Prof. Dr. Sabine Rau Tutor: Julia Kapraun Topic: In which way do different institutio- Topic: Volatility Models and Their Predicti- nal logics infl uence an institution‘s beha- ve Power for Volatility Indices vior in response to a threat? With the emergence of volatility indices, This thesis makes use of institutional the- volatility has increasingly established its- ory in order to investigate and fi nd strate- elf as a distinctive asset class. Accordin- gic responses to communication confl icts gly, the benefi ts of having volatility models between two organizations from different with high predictive power for volatility, organizational fi elds. The thesis argues and in particular for volatility indices, are that these communication confl icts arise substantial. from competing logics, which the orga- nizations follow. Built on recent research Therefore, primarily on the basis of a lite- on institutional logics, a theoretical fra- rature review, this thesis fi rstly, describes mework is introduced in order to analyze empirically observed properties of vola- the communication confl ict and to provi- tility; secondly, discusses a selection of de a set of seven propositions about the volatility models; and thirdly, provides an strategic responses’ likelihood of choice, overview of currently disseminated im- which is argued to depend on the power plied volatility indices. A subsequent brief balance between the organizations. The empirical application complements the li- fi ndings are illustrated with the special terature review by evaluating the relative case of family fi rms and private banks. forecast performance of common volatili- ty models for the VIX and VSTOXX. 60

Sustainability in Finance

We at the Allianz Endowed Chair of Fi- nance at the WHU – Otto Beisheim School of Management live up to the principles of sustainability in many ways. Most importantly, we initiated a number of research projects, e.g., a Master thesis entitled “Basel III – Achieving stability or the fi rst step into a new crisis?” concer- ned with regulatory measures targeted at the soundness and thus sustainability of the fi nancial system. The fi ndings un- derscore the importance of a reformed framework and explain the shortcomings of the past to an audience of practitioners and scholars alike. We acknowledge the enduring and growing meaningfulness of this stream of literature and therefore will stick to our goal of further expanding our research in the fi eld of sustainable asset management. We wish you a Merry Christmas...

...and a Happy New Year