Ontologien für wissensbasierte Trendanalysen

1 Einleitung . . . . . 3 1.1 Was sind Ontologien . . . . . . . . . . . . . . . . . . . . . . . . . 4 1.2 Ziel der Ontologie . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1.3 Relevante Ontologien . . . . . . . . . . . . . . . . . . . . . . . . . 7 1.3.1 Simple Knowledge Organization System - SKOS . . . . . 7 1.3.2 OWL-Time . . . . . . . . . . . . . . . . . . . . . 9 2 Entwicklung der Metaontologie . . . . . 12 2.1 TREMA Ontologien . . . . . . . . . . . . . . . 13 2.2 Metaontologie . . . . . . . . . . . . . . . . . . . 15 2.2.1 Konzeptionelle Anforderungen . . . . . 15 2.2.2 Allgemeine Beschreibung . . . . . . . . 16 2.2.3 Klassen und Relationen . . . . . . . . . 18 2.2.4 Funktionalität . . . . . . . . . 20 3 Anwendung der Metaontologie. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 3.1 Anwendung für Aktienanalysen . . . . . . . . . . . . . . . . . . . 22 3.1.1 Klassen . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 3.1.2 Themenbereiche . . . . . . . . . . . . . . . . . . . . . . . 23 4 Experimente und Evaluierung. . . . . . . . . . . . . . . . . . . . . . . 25 4.1 Evaluierung hinsichtlich Kompetenzfragen . . . . . . . . . . . . . . . . . . . . . . . 25 4.2 Vergleich von Prognose und Kursentwicklung. . . . . . . . . . . . . . . . . . . . . . . 30 4.2.1 Auswahl der Indikatoren. . . . . . . . . . . . . . . . . . . . . . . 30 4.2.2 Berechnung der Kennzahlen . . . . . . . . . . . . . . . . . . . . . . . 30 4.2.3 Vergleich der Kursentwicklung . . . . . . . . . . . . . . . . . . . . . . . 31 5 Fazit und Ausblick . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 5.1 Möglichkeiten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 5.2 Probleme . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 5.3 Fazit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 A Ontology Specification Requirements Document. .40 A.1 Zweck . . . . . . . . . . . . . . . . .40 A.2 Anwendungsbereich . . . . . . . . .40 A.3 Grad der Formalisierung . . . . . . .40 A.4 Zielgruppen . . . . . . . . . . . . . .40 A.5 Vorgesehene Nutzung . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 A.6 Kompetenzfragen . . . . . . . . . . . A.7 Glossar der Begriffe. . . . . . . . . . . . . . . . . . . . . . . . .43 B Kompetenzfragen und korrespondierende Abfrage. . . 44 C Aktienkennzahlen und Berechnung. . . . 47The report deals with the largely unexplored field of ontology-driven, knowledge based trend detection by means of text mining, focusing on the development of trend ontologies. The difficulties of trend detection with text mining lie in the ambiguous semantics of natural languages and their various forms, character- istics and dynamics. Due to this it is difficult to formalize knowledge used in trend detection unambiguously and statically. Using ontologies, language com- ponents can be identified and subsequently processed and analyzed regarding their relations to each other. However, due to different languages and specific usages depending on user and application fields, as well as specific trend be- havior in certain application fields, trend ontologies specialized for the intended application are needed. In order to allow the modular development and usage of these different ontologies a standardizing base for trend ontologies is needed. This base can be realized as meta ontology and its development is the central aspect of the report

Asset pricing under distinctive fiscal considerations

This cumulative dissertation extends the literature strand on firm valuation and capital structure under distinctive fiscal considerations by elaborating on corporate finance issues that have not been resolved or not explained in their full magnitude. Essay one reassesses the appropriate valuation of a firm using the APV equation and more appropriately specifying one of its components, the value of tax savings. The second essay thematically follows essay one by utilizing the WACC approach in a multi-state setting under active debt policy. The third and final essay reconsiders capital structure under the artificial restriction of interest deductibility and its resulting influence on the value of potential tax savings. All essays incorporate loss distribution in default for either a partial or a complete loss scenario, thus providing additional insides on this crucial assumption in firm valuation under risky debt

On the Role of Entrepreneurial Experience for Start-up Financing: An Empirical Investigation for Germany

Entrepreneurs are often faced with problems regarding start-up financing. But compared to novice entrepreneurs, experienced entrepreneurs should have both more knowledge and better contacts, which should potentially reduce the occurrence of problems and affect finance composition. However, experience of business failure might result in additional effects. This analysis therefore investigates the effects of experience on several aspects of start-up financing. It is based on data from the KfW Start-up Monitor, a representative annual survey of the German population. The results show that experience affects several financing issues. Yet the impacts depend on the kind of experience. With regard to previously failed entrepreneurs, who are of particular interest, the findings indicate that they cut back their financing demand and are more likely faced with problems satisfying this demand. However, previously failed entrepreneurs do not significantly differ in the sources they use to finance their businesses. --Entrepreneurial experience,restart,start-up financing

On the Role of Entrepreneurial Experience for Start-up Financing: An Empirical Investigation for Germany

Entrepreneurs are often faced with problems regarding start-up financing. But compared to novice entrepreneurs, experienced entrepreneurs should have both more knowledge and better contacts, which should potentially reduce the occurrence of problems and affect finance composition. However, experience of business failure might result in additional effects. This analysis therefore investigates the effects of experience on several aspects of start-up financing. It is based on data from the KfW Start-up Monitor, a representative annual survey of the German population. The results show that experience affects several financing issues. Yet the impacts depend on the kind of experience. With regard to previously failed entrepreneurs, who are of particular interest, the findings indicate that they cut back their financing demand and are more likely faced with problems satisfying this demand. However, previously failed entrepreneurs do not significantly differ in the sources they use to finance their businesses. --Entrepreneurial experience,restart,start-up financing

SARS-CoV-2 įtaka Lenkijos nemokumo teisei

The impact of the covid-19 pandemic on the business environment created the risk of numerous insolvencies of entrepreneurs. The aim of this study is to discuss the impact of the COVID-19 pandemic on the Polish insolvency Law and to compare the solutions adopted in Poland with those in use in other countries.COVID-19 pandemijos poveikis verslo aplinkai sukėlė daugelio verslininkų nemokumo riziką. Šio tyrimo tikslas – aptarti COVID-19 pandemijos poveikį Lenkijos nemokumo teisei ir palyginti Lenkijoje priimtus sprendimus su kitose šalyse taikomais sprendimais

Griechenland eine Analyse

During the last several years Greece has been under consistent and severe economic pressure; high national debt, trade deficit, and an undefined future has led to a persistent climate of uncertainty and presents a threat to economic recovery. As a result of the near-bankruptcy of Greece in 2010, the Greek government now receives financial relief from members of the European Monetary Union (EMU) and International Monetary Fund (IMF), both of the afore-mentioned parties monitoring, with the European Central Bank (ECB) and European Commission, the economic transformation process and guiding the Greek economy towards international competitiveness. Yet available data proves that Greece’s economy is still shrinking-- while unemployment rates still rise, debt to GDP ratio worsens, and private investment sinks. Furthermore, there is still controversy whether Greece will remain within the monetary union or not. Is Greece’s economy better of outside the European Monetary Union

Advantages and disadvantages of German consumer bankruptcy model: Guidelines for Croatian lawmaker

Legal transplant, as a legal phenomenon, has always been present in legal history, and was especially brought to the fore in terms of creating major economic integrations, such as the European Union (EU). Membership of the Republic of Croatia in the EU has its strong legal basis because it belongs to the continental law school initially based on the reception of Roman law, and later German law. The Croatian academic community believes that the harmonization of bankruptcy and legal regulations with the EU laws is not a goal in itself, but has a strong economic rationale. In this context, a number of ambiguities in the current bankruptcy legislation are indicated, one of them being the absence of lex specialis regulations for consumer bankruptcy. As the legislator showed an initiative for the reception of a model of consumer bankruptcy (the Foundation for the Introduction of Personal Bankruptcy, Ministry of Justice, Zagreb, 2012, pp. 1-6, and Draft Proposal of the Statement of the Regulatory Impact Assessment for the Preparation of the Draft of the Consumer Bankruptcy Law Proposal, Ministry of Justice, Zagreb, 2012, pp. 1-5 and finally Draft of the Consumer Bankruptcy Law Proposal, Ministry of Justice, Zagreb, June 2014) modeled on German legal solutions, the authors analyze the justification of such regulation in this paper

Bad Bank(s) and Recapitalization of the Banking Sector

With banking sectors worldwide still suffering from the effects of the financial crisis, public discussion of plans to place toxic assets in one or more bad banks has gained steam in recent weeks. The following paper presents a plan how governments can efficiently relieve ailing banks from toxic assets by transferring these assets into a publicly sponsored work-out unit, a so-called bad bank. The key element of the plan is the valuation of troubled assets at their current market value – assets with no market would thus be valued at zero. The current shareholders will cover the losses arising from the depreciation reserve in the amount of the difference of the toxic assets’ current book value and their market value. Under the plan, the government would bear responsibility for the management and future resale of toxic assets at its own cost and recapitalize the good bank by taking an equity stake in it. In extreme cases, this would mean a takeover of the bank by the government. The risk to taxpayers from this investment would be acceptable, however, once the banks are freed from toxic assets. A clear emphasis that the government stake is temporary would also be necessary. The government would cover the bad bank’s losses, while profits would be distributed to the distressed bank’s current shareholders. The plan is viable independent of whether the government decides to have one centralized bad bank or to establish a separate bad bank for each systemically relevant banking institute. Under the terms of the plan, bad banks and nationalization are not alternatives but rather two sides of the same coin. This plan effectively addresses three key challenges. It provides for the transparent removal of toxic assets and gives the banks a fresh start. At the same time, it offers the chance to keep the cost to taxpayers low. In addition, the risk of moral hazard is curtailed. The comparison of the proposed design with the bad bank plan of the German government reveals some shortcomings of the latter plan that may threaten the achievement of these key issues.financial crisis, financial regulation, toxic assets, bad bank

Funktionsweise und Replikationstil europäischer Exchange Traded Funds auf Aktienindices

Exchange Traded Funds (ETF) were established in Europe in 2000 and have grown to a size of over 200 bn US$. Some issuers use a full replication strategy while others prefer a swap based approach. The ETF are dealt parallelly in the primary and in the secondary market, as new ETFs can be created at any time. Therefore, the market is very liquid with small ask bid spreads. The fees are considerably lower compared to active managed fonds. For liquid share indices both strategies can replicate the index convincingly. In the EUROSTOXX the ETF can outperform the Index due to dividend and tax optimization. This was not possible for the Dax. For illiquid large indices (MSCI Emerging Markets), there was a considerable difference between the monthly returns of the index compared to the ETFs. Both strategies have counterparty risk. The full replication uses security lending to enhance the performance. The synthetic strategy can have losses up to 10% if the swap partner defaults. --ETF,Exchange Traded Funds,Full Replication,Swap Replication,ETF Performance,ETF Risk