Papers by Alexander Zureck
Social Science Research Network, 2021
Energies
Our goal is to examine the efficiency of different intraday electricity markets and if any of the... more Our goal is to examine the efficiency of different intraday electricity markets and if any of their price prediction models are more accurate than others. This paper includes a comprehensive review of Germany, France, and Norway’s (NOR1) day-ahead and intraday electricity market prices. These markets represent different energy mixes which would allow us to analyze the impact of the energy mix on the efficiencies of these markets. To draw conclusions about extreme market conditions, (i) we reviewed the market data linked to COVID-19. We expected higher volatility in the lockdowns than before and therefore decrease in the efficiency of the prediction models. With our analysis, (ii) we want to draw conclusions as to whether a mix based mainly on renewable energies such as that in Norway implies lower volatilities even in times of crisis. This would answer (iii) whether a market with an energy mix like Norway is more efficient in highly volatile phases. For the analysis, we use data vis...
International Journal of Business Environment
Proceedings of the International Conference on Applied Research in Management, Business and Economics, 2019
We investigate the disruption potential of robo-advice on the wealth management market in Germany... more We investigate the disruption potential of robo-advice on the wealth management market in Germany. The special focus on the German market intends to close the gap of scarcely existing literature for this target country. Our qualitative research approach consists of 13 conducted expert interviews with top-management representatives from the financial industry. The interview transcripts underwent a structured content analysis based on inductive and deductive categories resulting from a performed literaturereview. The key findings indicate, that there are four major obstacles avoiding significant disruption in personal wealth management: (1) pending performance proof in market drawdowns, (2) misleading price-performance-ratio, (3) limitations in the affluent business and (4) the existence of the scaling-strategyparadox. Our overall conclusion stresses the fact, that robo-advice is relevant for German investors and thus for banks to implement in their service offering. Although the digital service misses a long-standing track record and even may not be as costefficient as suggested, it already demonstrates disruption in the retail business. However, robo-advisors are technically not ready yet to meet investor needs of high net-worth individuals, which may be decisive due to an upcoming market consolidation. Scaling effects are difficult to achieve without collecting high investment volumes from the affluent business segment. Hence, current robo-advicestrategies on market are paradox due to their technical capabilities and strategic orientation on the retail market.
Problems of Education in the 21st Century, 2021
The range of study programs in finance and the ways how to study due to place, time, and focus ha... more The range of study programs in finance and the ways how to study due to place, time, and focus has increased in recent years. Students can choose what and how they want to learn. If someone finds an appropriate program he must decide to study face-to-face, online, or in a hybrid format. Finance is often a duty in business administration or related study programs. For many students in those classes the financial topics are bleak. This leads to a passive consumption of contents and ends often in dropping out. The aim of this research was to discuss methods to activate and keep learners motivated by using well selected media in teaching. To identify which media is used in teaching, a literature review was done. Teaching annual reports and other official reports available in English and/or German from several international educational institutions are read, compared, and analyzed. Additionally, secondary academic literature is checked for further examples. In a first step, therefore, di...
SSRN Electronic Journal, 2021
<b>German Abstract:</b> Financial Literacy hat seit dem Jahr 2005 zunehmend an Bedeut... more <b>German Abstract:</b> Financial Literacy hat seit dem Jahr 2005 zunehmend an Bedeutung gewonnen, ohne dass das Bewusstsein für diese Eigenschaft in den Köpfen der Bevölkerung präsent ist. Hierbei handelt es sich um den Fachterminus zur Messung der finanziellen Bildung von Schülern bzw. von Erwachsenen. Der Artikel dient der Beantwortung der Frage: „Was bedeutet Financial Literacy und warum hat es so eine große Bedeutung im Zusammenhang mit der finanziellen Vorsorge?“<br><br>Folglich dient diese Ausarbeitung dem Überblick der Financial Literacy Thematik unter besonderer Berücksichtigung der Möglichkeiten der privaten Altersvorsorge aus Sicht von deutschen Privatkunden.<br><br>Der Artikel dient u.a. der Illustration der notwendigen Investition in das Bildungssystem zum nachhaltigen Aufbau sowie Sicherstellung der Finanzbildung in Deutschland. Der Fokus dieser Arbeit liegt auf der Vermittlung allgemeiner Grundlagen im Kontext von Financial Literacy.<br>
International Journal of Sustainable Development and Planning, 2022
Climate change remains one of the most important challenges of the 21st century, both for organiz... more Climate change remains one of the most important challenges of the 21st century, both for organizations as well as for society. While many corporates around the globe embed sustainability goals into their strategies, inclusive research on the public perceptions of the same is limited. Aiming to fill this gap, we apply an innovative natural language processing approach to determine the persuasiveness of corporate climate agendas. Based on public opinion data from various online platforms (n=5284), research is conducted to understand whether stakeholders structurally support or oppose the sustainability agendas. For this purpose, reactions and statements of users were mined, subjected to a sentiment analysis and have been examined concerning their polarity both platform-specific and cross-platform. While on the one hand the research helps company representatives to better understand the effectiveness of their proposed agenda and strategic positioning, our approach also challenges traditional ways of collecting data and measuring public opinion through interviews, questionnaires or surveys. Compared to other studies dealing with opinion research, our analysis sets new academic impulses by analyzing the very topical and demanded issue of evaluating sustainability campaigns. The study does not only provide evidence of an overall optimistic attitude towards corporate sustainability targets, but also sheds light on the polarity of public opinion and the share of perceptions. We were able to show that with an overarching average ratio of 4:1, sustainability ambitions are supported, whereby concerns on average can only be found in 1 of out 10 reactions, which contributes significant insights for steering transitioning companies as well as for the corresponding management by campaign leaders.
Seit Einfuhrung der Beratungsprotokolle im Jahre 2010 ist die Finanzberatung, mit dem Ziel Verbra... more Seit Einfuhrung der Beratungsprotokolle im Jahre 2010 ist die Finanzberatung, mit dem Ziel Verbraucher vor Falschberatung zu schutzen, burokratischer geworden. Neben diesen kritischen Stimmen ist allerdings zu prufen, ob der Grundgedanke dieser Beratungsprotokolle - die Wahrung der Verbraucherrechte im Bankgeschaft - richtig genutzt ein mogliches Potenzial zur Markterweiterung oder auch Markterschliesung darstellen kann?
The appointment of a new coach is often a turning point for the development of a football club’s ... more The appointment of a new coach is often a turning point for the development of a football club’s game. But apart from the development of its game, the change affects the club’s economic prospects as well. The coach has a position similar to that of a leading manager in “classic” firms. Other studies have intensively investigated reactions in share prices to results of specific games (see, instead of many, Ashton et al. 2011). The relationship between a change in a club’s coach and the reaction of share prices has rarely been investigated. The aim of this paper is to find out whether there is a statistically significant influence on the share price performance of a listed European football club following a change in its coach. The findings within the paper demonstrate that the appointment of a new coach immediately affects the stock’s performance. The analysis is based on the STOXX Europe Football Index. The index contains 23 European football clubs that are listed on a European stoc...
This article extends previous findings of the authors and analyzes risk and return of the Czech P... more This article extends previous findings of the authors and analyzes risk and return of the Czech PX in comparison to the DAX 30 and the EuroStoxx 50. Diversification effects and the tests on normal distribution are analyzed. In addition, this work focuses on a longer period, autocorrelation effects, and a backtesting of the VaR analysis.
The football industry has grown disproportionately in recent years. Many professional football cl... more The football industry has grown disproportionately in recent years. Many professional football clubs have a turnover of more than EUR 100 million per year. Main sources of income are the broadcasting, the merchandising and the game day revenues. The growth means that in addition to sporting objectives, the economic factors become more important. Football clubs need qualified staff and need to adapt their organizational structures. Moreover, football companies need new sources of funding, because the funds from the internal financing are no longer sufficient. Football clubs become investment alternatives for investors, although their evaluation is difficult. Emotional biases also affect this investment behavior. The absolute abnormal return is 11.49 percent with a change in coach. Each year of life changes this value by 5.34 percent and titles changes it by 8.71 percent. The media coverage has probably an additional impact of 2.09 percent. Former achievements influence current financ...
This article examines the relationship between returns and searches on Google, which has become o... more This article examines the relationship between returns and searches on Google, which has become one of the most important information sources for investors. This study focuses on investors of listed European football clubs and their investment behaviors, especially before a coach is replaced. For measuring the change in searches, Google Trends is used. The relevant search term is the first and the last name of a coach and the study period covers 80 days. In some cases, there is a weak correlation between returns and changes in search queries. The change in coach and the country’s football club do not seem to be explanatory aspects for the correlation.
Deutschland ist Weltmeister! Die Nationalmannschaft hat mit dem Gewinn des Weltmeistertitels viel... more Deutschland ist Weltmeister! Die Nationalmannschaft hat mit dem Gewinn des Weltmeistertitels viele Menschen in Deutschland zu Fusballfans werden lassen. Das Mitfiebern, das Zittern und letztendlich der Weltpokal in Maracana. All dies sind Emotionen pur und wichtige Momente fur einen jeden Fusballfan. Neben den Emotionen gewinnt die okonomische Bedeutung des Fusballs auch abseits von Welt- und Europameisterschaften an Bedeutung, denn Fans stehen mit Stolz hinter ihrem Team und sind sehr gute Kunden. Die Fans geben seit Jahren immer mehr an Spieltagen im Stadion, fur Fernsehubertragungen und fur Fanartikel aus. Nicht nur die bekanntesten europaischen Fusballclubs sind daher schon seit langem nicht nur ein Sportverein, sondern vielmehr ein mittelstandisches Unternehmen mit nicht auser Acht zu lassenden Umsatzen. Somit nehmen okonomische Faktoren im Verhaltnis zu sportlichen Faktoren zu. Der Profisportbereich reagiert auf die steigende Nachfrage, indem es immer vielfaltigere Angebote fu...
Personelle Veranderungen im Top Management in klassischen Unternehmen aus Industrie, Handel und D... more Personelle Veranderungen im Top Management in klassischen Unternehmen aus Industrie, Handel und Dienstleistung haben Einfluss auf die operative und strategische Ausrichtung eines Unternehmens. Langfristig betrachtet wirken sich die Veranderungen auch auf die finanzielle Ertragskraft des Unternehmens aus. (Denis & Denis 1995) Diese Ausarbeitung beschaftigt sich mit der Frage, ob ein potenzieller Trainerwechsel bereits im Vorfeld in den Aktienkurs eingepreist wird und welche Auswirkung ein Trainerwechsel langfristig auf die okonomische Leistungskraft eines borsennotierten Fusballvereins hat. Basierend auf der Effizienzmarkthypothese (Fama 1970) sind im Aktienkurs alle verfugbaren Informationen zu einem Unternehmen und dessen Umfeld eingepreist. Der Aktienkurs spiegelt somit den aktuellen Wert des Unternehmens unter Berucksichtigung aller bekannten Informationen aus Sicht der Shareholder wider. Die Event Study ist eine in der Wissenschaft vielfach angewendete Methode, Aktienkursreaktio...
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Papers by Alexander Zureck