Bücher von Mark Matern

Master's Thesis from the year 2017 in the subject Business economics - Investment and Finance, grade: 1,7, University of Mannheim, language: English, abstract: The foundation of this contribution will be the verification of the empirical results presented by Liu et al. (2017). We will start by summarizing their findings and explanations in Chapter 2 (Theoretical Background) and build the theoretical foundation upon which the empirical interpretation will rest. We actually view the compilation of the theoretical explanations in an intuitive line of reasoning as our first valuable contribution for our readers, as an understanding of the topic is not as easily to grasp after a first consultation of the papers. In Chapter 3 (Empirical Results) we address the actual calculations and most important summary statistics that will either speak in support or against our interpretations. In 3.1 (Data and Methodology), we present our dataset important technical notes and in Chapter 3.2 (The Beta Anomaly) we summarize and try to replicate the empirical findings of Liu et al. (2017), which will serve as the bedrock of interpretations we will arrive at in following pages. In Chapter 3.3 (Betting-against-Correlation) and its sub-sections on leverage, size and sentiment, we turn our attention to a paper by Asness et al. (2017) which contributed and responded to the findings of Liu et al. (2017), but with often diametrically contradicting views. The reference date of 2017 suggests that both papers belong to a highly new set of research and we believe that by covering those two and adding our own findings we can add significant clarity to actually understand what is going in the space of the beta anomaly. In Chapter 3.4 (BAB vs. BAI), we finalise the empirical analysis by contrasting opposing views on strategies that are designed to exploit the low-beta anomaly and realign the findings that we came across. We will summarize the newly gained insights for our readers in our last Chapter 4.

Bachelor Thesis from the year 2015 in the subject Business economics - General, grade: 1,3, University of Mannheim, language: English, abstract: This term paper deals with the strategy called ¿quality-minus-junk¿ (QMJ). The reader will see that both abnormal returns, characterized as alpha, and excess returns, characterized as returns above the risk-free rate, are consistently high for any of the three major asset-pricing models. This particular thesis is going to go through the main findings and observations that Asness, Frazzini and Pedersen have made in their research on the QMJ factor and is also going to extend on some further examination of QMJ. The upcoming chapter briefly discusses the reason behind using the Gordon Growth Model as the basis of the quality score and the four main quality measures which were used in the design of the QMJ strategy. Chapters 3, 4 and 5 retest the findings by using three years of additional data and its most recent updates in May 2015. In Chapter 3 are tests which were performed for different levels of quality. Chapter 4 will focus on the role of the QMJ factor in pricing other risk factors and Chapter 5 analyzes QMJ for different economic environments. Therefore new aspects will be added to the analysis. In Chapter 6 the readers will see how the QMJ strategy has performed during different levels of the sentiment index and the last Chapter deals with the Q-factor model to see how well it explains the QMJ factor performance. There are three main questions that are pursued and dealt with in this thesis. 1. What has changed in terms of the main findings for the QMJ strategy with the new and updated data? 2. The price of quality and the premium paid for higher quality constantly changes, especially for different market cycles and environments. It would therefore be interesting to see what one of the most popular measures of market sentiment, the sentiment-index by Baker and Wurgler, can tell us about the QMJ factor and vice versa. And the last question: Is there any potential relation between the two?

Research Paper (undergraduate) from the year 2017 in the subject Business economics - Investment and Finance, grade: 1,0, University of Mannheim, language: English, abstract: The Basel framework has gone through substantial transformation during the last couple of years amidst a political, regulatory and societal environment that has pushed for stricter and more prudential supervisory activity. This has been a natural development as it became clear that the regulatory framework proved to be inappropriate to cope with the latest developments in the financial services industry. The Basel Committee itself recognized that the pre-crisis regime and overall design of the framework showed material weaknesses in ensuring adequate capital requirements that could absorb the magnitude of losses that the banking industry experienced in 2007/2008.

Studienarbeit aus dem Jahr 2011 im Fachbereich Geschichte Europa - Deutschland - Neuere Geschichte, , Sprache: Deutsch, Abstract: Wirtschaftliche Entwicklungen, Geschehnisse und Krisen, unabhängig davonob auf volkswirtschaftlicher oder internationaler Ebene, sind in der Lageimmensen Einfluss auf den Menschen und seine Situation innerhalb einessolchen Wirtschaftsraumes zu nehmen. Man könne sogar behaupten, dass dieWirtschaft, sei es bei politischen Themen, Angelegenheiten öffentlichenInteresses oder vielleicht sogar der familiären Lebenssituation, in beinahe allenAspekten der Gesellschaft eine Rolle spielt. Folglich ändert sich auch dieSituation der Menschen, wenn sich die Wirtschaft verändert. Die vierzehnJahre des Bestehens der Weimarer Republik sind genau aufgrund vieler solcherdrastischer Veränderungen und Umbrüche von immenser wissenschaftlicherBrisanz. Denn schon allein die Tatsache, dass einige Wirtschaftshistorikerganze neun dieser vierzehn Jahren in wirtschaftliche Krisen einteilen, nämlichin die fünfjährige Inflationskrise 1918-23 und die vierjährige Deflationskrise1929-33, zeigt schon die beachtliche Dominanz dieses Themas1. Bei derUntersuchung der Inflationskrise 1918-23 stellt sich dann natürlichunweigerlich die Frage, welche Auswirkungen diese Entwicklungbeispielsweise auf die noch junge und angeschlagene Volkswirtschaft derWeimarer Republik hatte? Inwiefern änderte sich dabei auch die Situation derBürger selbst? Und hatte die deutsche Inflation womöglich sogar Einfluss aufdie Weltwirtschaft und wenn ja, welche waren diese?[...] Diese kontroversen Theorien, die positiven Seiten der Inflation und vor allemdie scheinbaren Widersprüche die sie damit an das Tageslicht bringen, habenmich dazu verlockt, die deutsche Inflation näher zu untersuchen und zumKernpunkt meiner folgenden Arbeit zu machen. Nachdem dieInflationsentwicklung mitsamt ihren Ursachen zum weiteren Verständnisdargestellt wurde, soll daraufhin erläutert werden, welche Probleme derInflation von den Kritikern aufgeführt werden und ob diese anhand derstatistisch nachweisbaren Wirkungen zu vertreten sind. Anhand dieser imVerlauf der Arbeit gewonnenen Erkenntnisse, soll abschließend eineBewertung der Inflationsjahre vorgenommen werden, die dazu beitragen soll,ein möglichst genaues Gesamtbild dieser Währungsentwicklung aufzuzeigenund somit für eine Erhellung dieser für die Weimarer Republik wirtschaftlichso bedeutenden Jahre beizutragen. [...]

Studienarbeit aus dem Jahr 2010 im Fachbereich Chemie - Anorganische Chemie, Note: 1,0, , Sprache: Deutsch, Abstract: Diese Arbeit geht auf folgende Punkte im Zusammenhang mit der Schwefelsäure ein: Bau, Chemische/Physikalische Eigenschaften, Vorkommen, Herstellung (historische Verfahren, Kontaktverfahren, Doppelkontaktverfahren), Verwendung in der Industrie.