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...to the website of the Chair of Banking and Finance!

News

12.04.2024

Studentische Hilfskraft oder Wissenschaftliche Hilfskraft mit Bachelorabschluss (w/m/d) gesucht - Prof. Dr. André Uhde

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22.03.2024

Studierende der Universität Paderborn für erfolgreiche Teilnahme am Planspiel Börse der Sparkassen ausgezeichnet

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29.02.2024

Klausureinsichten WS 23/24 I Lehrstuhl Prof. Uhde

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30.01.2024

Gastvortrag von Herrn Mathias Franke (UniCredit Bank GmbH) im Rahmen des Moduls „Bankwirtschaft“ (Prof. A. Uhde)

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09.01.2024

Gastvortrag von Herrn Dr. A. Höck (Ev. Bank eG) im Rahmen des Moduls „Finanzwirtschaft“ (Prof. A. Uhde)

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16.01.2024

Gastvortrag von Herrn René Knoblich (Bearing Point Frankfurt) im Rahmen des Moduls „Bankwirtschaft“ (Prof. A. Uhde)

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22.11.2023

Wir gratulieren Stephanie Heuwinkel - Tag der Wirtschaftswissenschaften 2023

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11.07.2023

Presentations at Deloitte Risk Advisory in Düsseldorf - Successful conclusion of the banking seminar

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10.08.2023

Exam reviews summer semester 2023

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More news

Events

30.04.2024 - 30.04.2024

TRR 266/TAF Research Seminar: Alessandro Scopellitti

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11.06.2024 - 11.06.2024

TRR 266/TAF Research Seminar: Inga Hardeck

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18.06.2024 - 18.06.2024

TRR 266/TAF Research Seminar: Yijun Li

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More events

Forschung

Publications

Our research findings are published in numerous publications.
Our focus is on empirical banking and capital market research.

Further information (abstracts) and access (DOIs) to the research articles can be found here:

TAF Research

The "TAF Research" format of the "Taxation, Accounting & Finance" (TAF) department serves to promote academic exchange and the development of international research networks. At the same time, it focuses on the scientific promotion of doctoral candidates of the TAF department and the faculty as a whole. TAF Research covers the following fields:

  • TAF Brown Bag
  • TAF Research Seminar - Prep Class
  • TAF Research Seminar
  • TAF Working Paper Series

data

An overview of the most important databases used in research and teaching in the Faculty of Business Administration and Economics and in the TAF department can be found here.
The Chair of Banking and Finance mainly uses the databases Moody's BankFocus and Thomson Reuter's Refinitiv Eikon (Datastream).

Teaching

"Unternehmerische Finanzierungspolitik"

The textbook "Unternehmerische Finanzierungspolitik" (Paul/Horsch/Kaltofen/Uhde/Weiß, 2017) serves as an accompanying textbook for the modules in the Bachelor's programme. Link to the shop.

 

"Bankpolitik - Eine marktorientierte Einführung"
The textbook "Bankpolitik - Eine marktorientierte Einführung" (Paul/Horsch/Kaltofen/Uhde/Weiß, 2024) serves as an accompanying textbook for the modules in the Master's programme.
The textbook is expected to be published in the 1st quarter of 2024

Our modules are offered as "blended learning" modules. In this way, the professorship contributes to the implementation of the "e-learning strategy" pursued by Paderborn University.

All modules are supported by instructional videos. These videos and the associated slide sets are available within a permanent PANDA course before the start of a module.

The participants of a module prepare the teaching content of the videos ("e-learning units") up to the respective additional lectures ("classrooms") that take place in presence. Exercises take place exclusively in presence.

This and other module-specific information (especially for the seminars) is provided in the respective introductory events , which take place regularly in the first week of lectures.

► BACHELOR'S DEGREE PROGRAMME

 

 

 

 

Module name

Semester

ECTS

Language

Contact person

M.184.1202 Taxation, Accounting & Finance

Summer semester

10

DEU

Voigt, S.

Note: In this module we are responsible for the sections "Financing" and "Investment".

 

M.184.2244 Methods in Finance

WS / summer semester

5

DEU

Hanke, D.

Note: Registration for the module is possible in both the winter and summer semesters.
Link to the PANDA course: https://panda.uni-paderborn.de/course/edit.php?id=47507
The access key will be announced in the introductory course.

 

M.184.3270 Financial Economics

WS / SoSe

10

DEU

Herwald, S.

Note: It is possible to register for the module and take the module examination in both the winter and summer semesters.
Link to the PANDA course: https://panda.uni-paderborn.de/course/view.php?id=12593
The access key will be announced in the introductory course.

 

M.184.2275 Seminar on "Planspiel Börse"

WS

10

DEU

Herwald, S.

Note: Participants in the seminar on the stock market simulation game are requested not to register for the simulation game in advance! Registration will take place centrally during the seminar.
Link to the PANDA course: https://panda.uni-paderborn.de/course/view.php?id=7968
The access key will be announced in the introductory event.

 

M.184.2248 25 Minute Papers Seminar (Bachelor)

WS / summer term

5

DEU / ENG

Uhde, A.

Note: Registration for the module is possible in both WS and SoSe.
Link to the PANDA course: https://panda.uni-paderborn.de/course/view.php?id=12381
The access key will be announced in the introductory course.

 

Z0057 Thesis seminar (Bachelor thesis)

WS / SoSe

-

DEU / ENG

Herwald, S.

Note: The invitation to the seminar will be sent by e-mail by the chair after completion of the central allocation procedure.
Link to the PANDA course: https://panda.uni-paderborn.de/course/view.php?id=12657
The access key will be announced in the introductory course.

 

► MASTER'S DEGREE PROGRAMME

 

 

 

 

Module name

Semester

ECTS

Language

Contact person

M.184.4276 Banking

WS / summer semester

10

DEU

Voigt, S.

Note: It is possible to register for the module and take the module examination in both the winter and summer semesters.
Link to the PANDA course: https://panda.uni-paderborn.de/course/view.php?id=16035
The access key will be announced in the introductory course.

 

M.184.5204 Seminar in Banking

summer semester

10

DEU

Voigt, S.

Note: The seminar is not open to students of the M.Sc. "Business Administration".
Link to the PANDA course: https://panda.uni-paderborn.de/course/view.php?id=12597
The access key will be announced in the introductory course.

 

M.184.4248 25 Minute Papers Seminar (Master)

WS / summer term

5

DEU / ENG

Uhde, A.

Note: Registration for the module is possible in both the winter and summer semesters.
Link to the PANDA course: https: //panda.uni-paderborn.de/course/view.php?id=12379.
The access key will be announced in the introductory course.

 

Z0057 Thesis seminar (Master thesis)

WS / SoSe

-

DEU / ENG

Herwald, S.

Note: The invitation to the seminar will be sent by e-mail by the chair after completion of the central allocation procedure.
Link to the PANDA course: https://panda.uni-paderborn.de/course/view.php?id=12657
The access key will be announced in the introductory course.

 

► DOCTORAL PROGRAMME

 

 

 

 

Module name

Semester

ECTS

Language

Contact person

M.184.6294 Taxation, Accounting & Finance

summer semester

5

DEU / ENG

Kosi, U.; Uhde, A.

Note: Compulsory elective module

 

M.184.6241 Current Topics in Banking & Finance Research

WS

5

DEU / ENG

Uhde, A.

Note: Compulsory elective module

 

M.184.6270 Empirical Banking & Finance

WS / summer term

-

DEU / ENG

Uhde, A.

Note: This module takes place as an internal research colloquium every 3 weeks and is primarily aimed at the research assistants of Prof Uhde's chair. Doctoral candidates and students who are interested in empirical methods in the field of "Banking & Finance" are always welcome! Further information can be found here.

Students of the B.Sc. in Economics and the B.Sc. in International Business Studies have been able to specialise in "Taxation, Accounting and Finance" since 2015.

The specialisation is documented by the addition of "with Taxation, Accounting and Finance specialisation" on the degree certificate.

Further information on the TAF specialisation (B.Sc.) can be found here.

The internationalisation office of the Faculty of Business Administration and Economics centrally coordinates the agreement of Learning Agreements and the recognition of academic achievements abroad for modules in the field of "Taxation, Accounting & Finance (TAF)" in Department 2. All relevant information can be found here.

 

Final Theses

Bachelor's and Master's theses are allocated via the central allocation procedure of the Faculty of Business Administration and Economics, in which the Chair of Banking and Finance also participates. Information on this allocation procedure as well as the dates and deadlines for the online application phase can be found here.

Before you submit your application for a thesis at our professorship as part of the centralised allocation procedure, you must define your preferences for the topic of your thesis. You can choose 3 topics from the lists on this page or a maximum of 3 topics of your own. If you have any questions about the topics suggested on this page, please contact Ms Herwald at least three weeks before the official assignment procedure begins. This is mandatory if you wish to propose your own topic.

Then fill out the preference form (download) completely and submit it together with the other documents (overview of grades, registered examinations of the current semester) as part of the central allocation procedure. It is also necessary to indicate your choice of subject if you indicate us as your second or third preference in the allocation procedure.

After completion of the allocation procedure, you will receive an e-mail from us in which we will announce the assigned topic and in which we will invite you to the introductory event of the thesis seminar (PANDA course Z.EXT.00057).

The seminar is a voluntary additional seminar outside the Bachelor's and Master's curriculum. It serves to provide support in writing the thesis, offers many useful tips and aids for writing the thesis and provides for a voluntary interim presentation of the work results available to date approx. 4 - 6 weeks before the deadline.

Please note: Authors of a Master's thesis can contact their respective supervisor immediately after receiving our e-mail. Authors of a Bachelor's thesis are requested to wait until the introductory event of the thesis seminar.

IPOs of German companies in the USA

The number of IPOs of German companies in the USA has been steadily increasing for several years. Against this background, we will analyse why German companies prefer a listing on the US stock exchange to a listing on the German stock exchange. Firstly, the process of an IPO will be described in detail. The two stock exchange locations (USA and Germany) will then be compared. Subsequently, the factors mentioned in the literature for the choice of stock exchange location are to be presented and applied to the two stock exchange locations. Which factors can be decisive for the choice of the US stock exchange location?

Method: theoretical

 
Sustainable finance - a critical review

Sustainability and environmental protection have not only become the focus of society since the "Fridays for Future" movement. A trend towards sustainability, which is subsumed under the term "sustainable finance", has also been emerging in the financial sector for some time. This bachelor's thesis will examine the following questions in particular: What exactly does "sustainable finance" mean? Who offers sustainable financial products? Which sustainable financial products exist? What are the main similarities and differences compared to non-sustainable financial products?

Method: theoretical

 

Green (climate) bonds versus traditional bonds

In September 2020, the German government issued the first "green" federal bond - with great success. Demand exceeded supply many times over. Investors have been utilising the opportunity to make a targeted contribution to environmental protection through green bonds for years. But how do green bonds differ from traditional bonds? What criteria are used to define "green", for example, and what is the risk-return structure of green bonds compared to conventional corporate or government bonds?

Method: theoretical, descriptive

 
State ownership - the state as shareholder

In recent decades, many governments around the world have acquired stakes in privately managed companies or taken them over in part or in full. The aim of this bachelor thesis is to analyse the effects of state ownership or takeover on various aspects of company performance (in particular financial performance, efficiency, innovation and governance structures) with the help of a well-founded literature analysis. The thesis concludes with a critical evaluation.

Method: theoretical, descriptive

 

Early warning indicators - an inventory

Banking and financial crises have a variety of causes and far-reaching effects. A series of early warning indicators are intended to send warning signals and provide indications of future market changes. The bachelor thesis aims to answer the following questions in particular: What is the need for the installation of early warning indicators to protect the banking system and the real economy? Which early warning indicators have been developed in recent years? Do the indicators react early enough, are they precise and reliable enough?

Method: theoretical

 
Microfinance institutions - a critical overview

Microfinance" refers to the granting of small loans by microfinance institutions to very poor people without collateral. The financial support enables these people to pursue entrepreneurial projects that generate additional income and thus help them to better provide for themselves and their families. Grameen Bank in Bangladesh, founded in 1983 by Muhammad Yunus, was the first microfinance institution in the world. Over time, many microfinance institutions have emerged that have followed the Grameen Bank model. This bachelor's thesis will first analyse the idea of "microfinance". The market for microfinance will then be presented. It will also critically analyse how the microfinance sector has developed over time. Have these institutions possibly undergone a transformation into a traditional bank?

Method: theoretical

 

Crowdfunding in the banking industry

What synergies (forms of cooperation) exist between crowdfunding and the traditional financial business of banks? Firstly, the theoretical foundations of crowdfunding and the traditional financial business of banks should be presented. An overview of the respective markets in Germany will also be provided. Subsequently, the existing links between crowdfunding types and platforms and the banking industry will be discussed. In particular, the cooperation models and various forms of co-financing that can be observed in Germany will be discussed. These will be presented in detail and critically evaluated.

Method: theoretical

 
The "Too Big to Fail" and "Too Connected to Fail" doctrine

The "too big to fail" and "too connected to fail" doctrines postulate that large and highly interconnected banks, whose insolvencies can have serious negative effects on the entire banking market and the real economy, must be protected from failure. Both doctrines are not free from criticism. In this bachelor thesis, both doctrines will be analysed in detail and critically discussed. Possible alternatives will also be presented.

Method: theoretical

 

Investor sentiment and the influence on share returns

Investor sentiment and its influence on share returns is a much-discussed topic in the literature. The aim is to work out the various explanatory approaches and relevant research literature and to present in a structured manner what influence investors' "sentiment" (mood) actually has on stock returns and thus on the capital markets.

Method: theoretical

 
Digital central bank currencies worldwide - a comparison of opportunities and risks

More and more central banks are breaking new ground and developing a digital central bank currency. The Bahamas already introduced the sand dollar in 2020, and the European Central Bank is also working on the digital euro. Depending on the country, different reasons may be important for an introduction. The bachelor's thesis will discuss the opportunities and risks of a digital central bank currency and how these differ in different countries.

Method: theoretical

 

Special purpose acquisition companies (SPACs) - opportunities and risks

"Special Purpose Acquisition Companies (SPACs) are empty corporate shells that are created for the sole purpose of buying up a private company and then listing it on the stock exchange via the SPAC ("IPO through the back door").
Firstly, the causes for the emergence of SPACs will be analysed. The study will provide a comprehensive overview of the organisation and structure of SPACs and show how the volume and value of these corporate shells have developed to date. It will then analyse how and why investors invest in SPACs as a stock market product and what opportunities and risks they should expect. At the same time, the advantages and disadvantages of SPACs for those private companies that go public with the help of SPACs will also be analysed.

Method: theoretical

 
Securitisation of loans - a current stocktaking

In a securitisation, a bundle of receivables is converted into securities and placed on the capital market in tranches with varying degrees of risk. Securitising banks use this for refinancing, for capital relief or as part of credit risk management. This paper will begin by outlining the motives of securitising banks. Subsequently, the development of the market and the regulation of securitisations can be analysed.

Method: theoretical

 

Methods of corporate financing: Initial Coin Offering compared to venture capital and crowdinvesting

The aim of this paper is to comprehensively compare three selected methods of corporate financing: Initial Coin Offering (ICO), venture capital and crowdinvesting. Firstly, the theoretical foundations of the three forms of financing mentioned are to be presented. In this context, a market overview of each should also be provided. Subsequently, a comprehensive critical comparison (advantages and disadvantages, opportunities and risks) of the three forms of financing is to be made with the help of existing literature. Finally, with reference to this analysis, the questions of whether and how ICOs can establish themselves as a form of financing and how the legal regulation of ICOs should be organised will be briefly addressed.

Method: theoretical

 
Banking risks and financial market stability: A system comparison between conventional and Islamic banks

In this thesis, the main differences between Islamic banks and conventional banks will be analysed. In particular, the risks within the two systems and their impact on financial market stability will be analysed.

Method: theoretical

 

Exotic options: An analysis of non-standardised derivatives

Exotic options are financial derivatives that differ from standardised options due to their special characteristics. The characteristics and structures of selected exotic options, such as barrier options or Asian options, are to be presented in this paper. The valuation methods of exotic options will be analysed and differentiated from standard models such as the Black-Scholes model. Furthermore, the opportunities and risks of exotic options and their application in practice will be analysed.

Method: theoretical

 
CO2 certificates - a critical review

ESG criteria are increasingly taking centre stage in the investment decisions of private and institutional investors. This thesis examines the central role of CO2 certificates in the context of climate change and efforts to reduce greenhouse gas emissions. The thesis provides a comprehensive overview of the fundamentals of these certificates, including their purpose, functioning and impact on environmental policy and economic systems. It examines the mechanisms of carbon trading at the international level and analyses their impact on the economy, industry and the environment. In addition, the thesis includes a critical evaluation of these certificates by highlighting potential advantages and disadvantages, effectiveness, social impacts and any challenges or weaknesses associated with their application. By combining theoretical background knowledge and empirical findings, the thesis provides a well-founded insight into the complex topic of CO2 certificates and enables a reflective discussion on their importance in the fight against climate change.

Method: theoretical

 

Technology in financial services - opportunities and risks

This thesis examines the forward-looking impact that technology is having on the financial sector. It analyses the increasing integration of technology, such as artificial intelligence, blockchain, big data and automated processes, into traditional financial services. The thesis explores digitalisation in banking, fintech innovation, regulation and compliance, risk management and cybersecurity through the adoption and application of these novel technologies. It also examines challenges, opportunities and potential future developments to provide a comprehensive understanding of how technological innovation is transforming and shaping the financial services industry.

Method: theoretical

 
Financing options for start-ups - How to finance growth potential?

The evaluation of financing options for start-ups is a crucial aspect for the success and growth of young companies. This paper focuses on evaluating and analysing the various options for raising capital for start-ups. In the basic section, traditional and alternative sources of financing such as equity financing, debt capital, crowdfunding, venture capital and state subsidies are analysed in detail. In the main section, the research aims to identify and evaluate the advantages and disadvantages of each financing option by considering factors such as cost, loss of control, access to resources, potential growth and flexibility. It also analyses current trends and changes in the financing environment for start-ups, including the impact of technology and global market developments. Furthermore, the adaptability of different financing models to different industries and company phases will be analysed. The aim is to develop recommendations and action strategies to help start-ups choose the most suitable financing options to support their growth and achieve their long-term goals. Both financial and strategic aspects are considered to provide a comprehensive insight into the financial decision-making of start-ups.

Method: theoretical

 

Decentralised Finance - A comparison with the traditional financial system

The aim of this paper is to examine the emerging concept of decentralised finance (DeFi) in the context of its potential advantages and disadvantages compared to the traditional financial system. It will analyse the basic principles of DeFi, which is based on blockchain technology and smart contracts to provide financial services without centralised institutions. In addition, the paper will highlight various applications and protocols in DeFi, such as decentralised exchanges (DEX), lending platforms, liquidity provision and other financial instruments. The analysis will focus on the potential advantages and disadvantages of DeFi compared to the traditional financial system. Aspects such as accessibility, transparency, efficiency, lower transaction costs, financial inclusion and the ability to offer traditional financial services in a decentralised and global manner will be considered. Furthermore, the challenges, risks and limitations of DeFi are compared, including security aspects, regulatory uncertainties and potential scaling issues. The aim is to provide a comprehensive understanding of the potential and limitations of DeFi compared to the established financial system, which could be of particular interest to financial players, regulators and innovators.

Method: theoretical

 
Exchange Traded Funds - Functionality, market development and possible applications

ETFs are an attractive alternative to traditional savings plans due to their easy availability and high diversification potential. This thesis presents the characteristics, development and diverse application possibilities of ETFs. The first step is to analyse the functioning of ETFs, which are designed as financial instruments to track a broad index such as the S&P 500, the DAX or other market indices. It will then look at the structure and mechanism of how ETFs track the performance of the underlying index before looking at the historical development and growth of the ETF market, including the emergence of different types of ETFs, their popularity with investors and their integration into the global financial markets. The analysis section also focuses on the various uses of ETFs, both for institutional and retail investors. This includes topics such as diversification, passive investment strategies, ways to minimise risk and the flexibility to track specific market segments or asset classes. The paper also considers potential challenges and risks associated with ETFs, such as liquidity risks, tracking errors, costs and regulatory considerations. The paper thus aims to provide insights into the variety of investment strategies and opportunities that ETFs offer investors, while focussing on a critical evaluation of the potential and risks of this financial instrument.

Method: theoretical

 

ESG scores: What do the criteria mean for financial institutions?

ESG requirements are becoming a fundamental challenge that banks must overcome in an environment of low interest rates, rising external operating and capital costs due to regulation and massive headwinds from the COVID-19 crisis. The
financial services sector is ultimately seen as playing a decisive role in the sustainable transformation of the economy. The first institutions in the financial sector have already clearly positioned themselves. This paper will present the ESG criteria for banks and analyse
the opportunities and challenges in particular.

Method: theoretical, descriptive

ESG scores and risk behaviour in the banking sector

What effect do ESG scores have on the risk behaviour of banks? How do they influence the value of these banks? These are the central questions of this thesis. In particular, the two lines of argument of the "stakeholder view" and the "overinvestments view" should be addressed.

Method: theoretical

 
Comparison of measures for determining credit risk in banks: value at risk versus expected shortfall

Value at risk (VaR) is established as a standard risk measure, but it also has weaknesses. Not least for this reason, the European Banking Authority (EBA) proposed back in 2013 that VaR be replaced by the expected shortfall (ES) for measuring the credit risk of banks. In this master's thesis, both indicators are compared theoretically and descriptively.

Method: theoretical, descriptive

 

Credit conditions and credit risk hedging for crowdlending platforms

Crowdlending is a way of raising capital, particularly for people who are unable to obtain a loan from banks for various reasons
. Many young entrepreneurs and freelancers publish their loan application on crowdlending platforms and present it to potential lenders. What lending conditions do crowdlending platforms offer compared to banks and what are the similarities and differences in terms of credit risk protection? These and other questions are to be answered comprehensively with recourse to agency and contract theory.

Method: theoretical

 
Measuring systemic risk in the banking market - a critical analysis

In the event of the insolvency of a bank, the so-called domino effect can trigger a wave of insolvencies of other banks and lead to the collapse of the banking system. As a consequence of the global financial market crisis in 2007, various models and indicators have been developed with the aim of identifying systemic risk early enough and quantifying it as accurately as possible. These models and indicators will first be presented and then analysed comparatively and descriptively as part of the master's thesis.

Method: theoretical, descriptive

 

New key figures in banking regulation and their impact on bank lending

As a consequence of the global financial market crisis in 2007, additional capital and liquidity regulations will apply to banks in the future. In particular, three new ratios have been introduced: the leverage ratio (LR), the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR). These new ratios will first be comprehensively presented in the context of banking regulation. The effects that compliance with these ratios could have on bank lending will then be analysed.

Method: theoretical, descriptive

 
The Modigliani-Miller theorem vs. behavioural explanations

The theorems established by Modigliani and Miller in 1958 on the relationships between capital structure, cost of capital rates and the market value of a company show that the capital structure is irrelevant for the market value of a company and that there can therefore be no optimal capital structure. In this master's thesis, the Modigliani-Miller theorem will first be presented in detail. Subsequently, the behavioural scientific explanations for the (non-)existence of an optimal capital structure are to be worked out and critically contrasted with the Modigliani-Miller theorem.

Method: theoretical

 

Competition and stability in banking markets

The relationship between welfare-enhancing competition in the banking market and the necessary financial stability of banks has not yet been fully researched. Moreover, previous research has led to contradictory results. This master's thesis will first analyse in detail the possible positive and negative interactions between competition in the banking market and the stability of the banking market. Possible measures of competition and stability for the banking market will then be presented and compared. Finally, these measures will be compared in a descriptive analysis.

Method: theoretical, descriptive

 
Bank stress tests of the European Banking Association (EBA) - presentation and critical assessment

The European Banking Authority (EBA) has been carrying out regular "stress tests" since 2009. As part of these stress tests, a crisis scenario is simulated and the extent to which European banks can withstand this scenario, i.e. whether they still have sufficient core capital in a crisis scenario, is then examined. The aim of the master's thesis is firstly to develop the rationale for stress tests and to present these tests over time. The results of all stress tests will then be compared and their effects on the banks' equity and liquidity capitalisation in particular will be examined.

Method: theoretical, descriptive

 

The analogy between financial and real options

The degree of flexibility in the implementation of real investment projects is given little or no consideration in standard investment calculation methods. The real options approach, which has been intensively discussed in the literature, aims to close this gap by transferring the option pricing theory instruments used for the valuation of financial securities to the valuation of investments in real assets. In this bachelor thesis, the financial option and real option approaches are to be compared theoretically and descriptively. Important similarities and differences will be highlighted and the advantages and limitations of the real options approach will be worked out

Method: theoretical, descriptive

 
Social trading - a business psychology analysis

The term "social trading" describes a form of securities investment in which individual users of a trading platform can view, discuss and replicate the investment strategies and portfolios of other users. People no longer follow their bank advisor or fund manager, but often follow recommendations from the "community". The master's thesis will analyse the economic psychological aspects of social trading. Firstly, the idea of social trading and its practical implementation are to be comprehensively presented. Subsequently, the opportunities and risks of social trading - particularly with regard to swarm intelligence and herd behaviour - are to be developed from the perspective of the individual user and evaluated with the help of the risk-return structure of a securities investment.

Method: theoretical, descriptive

 

The consideration of environmental and climate risks in the credit risk management of banks

This paper aims to provide an overview of the latest developments in the field of quantifying environmental and climate risks in banks. How do banks attempt to analyse their credit portfolios for the climate risks they contain? Firstly, the fundamentals of credit risk management in banks and the possible impact channels of environmental and climate risks on the credit risk portfolio will be discussed. Current regulatory developments will also be briefly outlined. Subsequently, various current methods for quantitative environmental and climate risk measurement for credit portfolios will be described in detail and critically evaluated.

Method: theoretical; descriptive

 
Disintermediation in the lending business of banks using the examples of "crowdlending" and "BNPL"

First, the causes and drivers of digitalisation in the banking sector will be presented in general terms. A reference will also be made to FinTechs that offer digital solutions for lending in the retail business. This is followed by a comprehensive presentation of
disintermediation in the lending business using the examples of "crowdlending" and "Buy Now, Pay Later" (BNPL). Finally, as part of a SWOT analysis, the business models of banks in relation to the (digital) lending business in the retail market will be analysed and recommendations for action will be given.

Method: theoretical

 

Behavioural finance and asset pricing

The link between behavioural finance and asset pricing is an interesting field of research that relaxes traditional assumptions about financial markets and makes them more realistic. This study focuses on how psychological factors and behavioural patterns of investors influence asset pricing. It examines the deviations from the efficiency hypothesis of financial markets by analysing behaviours such as overconfidence, herd behaviour, loss aversion and other psychological tendencies. Both individual decision-making processes and collective effects on markets are explored. This thesis aims to explore the implications of this approach for asset pricing models and portfolio theory. By integrating behavioural elements into traditional financial models, new insights are gained that can better explain asset pricing. Furthermore, the impact of these insights on investment strategies and risk management will be assessed. This research contributes to a deeper understanding of the complex links between human behaviour and financial markets and their implications for asset pricing.

Method: theoretical

 
Cryptocurrencies and their investors - An explanatory approach to observable market phenomena

The analysis of behavioural patterns in cryptocurrencies is of great importance to better understand the complex and volatile behaviour of digital currency markets. This research focuses on investigating the psychological and behavioural aspects of investors that influence the price behaviour of cryptocurrencies. It analyses the dynamics of supply and demand, taking into account factors such as market sentiment, investor psychology, FOMO (Fear of Missing Out), FUD (Fear, Uncertainty, Doubt), as well as herd behaviour and speculative trading. Both individual and collective behaviour patterns of investors and traders on crypto markets are examined. The paper aims to examine the impact of behavioural patterns on price movements and volatility of cryptocurrencies. It analyses the psychological factors that influence price fluctuations as well as investors' reactions to news, regulatory events and market sentiment. In addition, the role of platforms, social media and information sources in influencing the behaviour of crypto investors will be explored. The aim is to gain insights into the behavioural patterns that shape the price development of cryptocurrencies in order to better understand potential trends and risks and to enable informed investment decisions based on this. This thesis should help to develop a deeper understanding of the psychology and behavioural patterns of players in cryptocurrency markets.

Method: theoretical

 

Effects of financial news on investor decisions

The study of the effects of financial news on investor decisions focuses on how information and news from different sources influence the decision-making processes of investors. This thesis analyses the impact of news about financial markets, companies, macroeconomic indicators and other relevant factors on investor behaviour. It also examines how different types of financial news - be it traditional media coverage, social media, company announcements or analyst recommendations - influence investors' perceptions, risk appetite and trading decisions. The temporal aspects are also considered, such as the immediate and long-term impact of news on markets and investor behaviour. The paper aims to analyse investors' reactions to different types of financial news. This includes analysing price movements, trading volumes, volatility and other market indicators in the context of news releases. Furthermore, psychological and behavioural aspects of investors are also analysed to understand how emotions, perceptions of risk and confidence in the information influence investment decisions. The focus is on gaining a deeper understanding of how investors process information and, on this basis, providing insights to help them make informed decisions in a dynamic news environment. This research helps to better understand the interactions between financial news and investor behaviour and to develop potential trading strategies based on this insight.

Method: theoretical or empirical

 
Attention-based investing - impact of Google search volume on stock markets

This paper examines the relationship between stock trading and Google search volume to shed light on how people's interest and attention, as reflected in Google searches, influence stock trading volume, price movements and volatility. The analysis involves exploring correlations between investor search behaviour and subsequent trading activity. This includes a detailed examination of how changes in search volume, as an indicator of investor interest, could anticipate or influence potential price movements. By linking search data with actual trading data and price movements, patterns and correlations will be identified. The aim of this paper is to gain insights into the potential impact of search behaviour on stock trading.

Method: empirical

 

GameStop Frenzy - An analysis of short squeezes

The increasing importance of retail investors and their influence on capital markets is undisputed. This thesis analyses the phenomenon of a short squeeze using the example of the remarkable event surrounding the GameStop share and explores the background, the course and the effects of the GameStop case in the context of the short squeeze. It examines the dynamics between actors in the financial markets, in particular the role of retail investors and the online community mobilised through platforms such as Reddit and specifically the "WallStreetBets" subreddit to invest specifically in GameStop stock. The analysis also covers the reactions of traditional institutional investors, hedge funds and regulators to this unforeseen event. The effects on the share price, market liquidity, market dynamics as well as the regulatory and ethical aspects of the event are taken into account. The aim of the thesis is to analyse the GameStop case as a unique example of the fusion of online community actionism and financial market volatility. The aim of this thesis is to gain insights that can help to better anticipate similar events in the future and to shed more light on the interaction between social media and financial markets.

Method: theoretical or empirical

The chair's team

Prof. Dr. André Uhde

Betriebswirtschaftslehre, insb. Bank- und Finanzwirtschaft

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Julia Klimeck

Betriebswirtschaftslehre, insb. Bank- und Finanzwirtschaft

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Sarah Herwald

Betriebswirtschaftslehre, insb. Bank- und Finanzwirtschaft

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Simone Voigt, M.Sc.

Betriebswirtschaftslehre, insb. Bank- und Finanzwirtschaft

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Dominik Christian Hanke

Betriebswirtschaftslehre, insb. Bank- und Finanzwirtschaft

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Stephanie Heuwinkel

Betriebswirtschaftslehre, insb. Bank- und Finanzwirtschaft

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Max Justus Hoormann

Betriebswirtschaftslehre, insb. Bank- und Finanzwirtschaft

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Former staff members

Dr Till Förstemann German Federal Bank
Dr Benjamin Hippert Federal Financial Supervisory Authority
Sebastian Hoppe Paderborn University
Julia M. Schmid Goldbeck GmbH
Sonja Warkulat University of Duisburg-Essen
Dr Sascha Tobias Wengerek German Federal Bank
Daniel Winkler Metzler Bank
Fangqian Zhu Ems Vocational College
Helena Becker Lidl Vertriebs GmbH & Co. KG
Franziska Olczok, née Beckmann Portheine & Partner
Jarno Bergmeier  
Daniel Erhard  
Dominik Hanke Paderborn University
Robin Kemper  
Marco Kerkemeier University of Hagen
Nina Klocke University of Duisburg-Essen
Armen Lakhdoyan MVZ Labor Krone GbR
Marcel Haase, née Lengacher Commerz Business Consulting GmbH
Thomas Müller  
Lea Schmuck  
Laura Weigelt KPMG Bielefeld

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Betriebswirtschaftslehre, insb. Bank- und Finanzwirtschaft

Fakultät für Wirtschaftswissenschaften - Department 2: Taxation, Accounting and Finance

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Paderborn University
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33098 Paderborn