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Publikation Schlüsselpersonen in der Integrationsförderung(AvenirSocial, 06/2023) Freiermuth, KarinIhren eigenen Integrationsweg haben sie geschafft, nun unterstützen sie andere Migrant*innen auf ihrem Weg in ein neues Leben: Schlüsselpersonen sind Brückenbauer*innen zwischen den Kulturen.01B - Beitrag in Magazin oder ZeitungPublikation The big bad wolf’s view: The evaluation clients’ perspectives on independence of evaluations(SAGE, 2018) Pleger, Lyn E.; Hadorn, SusanneThe independence of evaluations has gained increasing attention in research. So far, research has mainly focused on evaluators’ experiences when confronted with pressure, leading to a restricted view of the complex context in which evaluations take place. Therefore, this article broadens the debate and follows the call by previous studies to pay attention to evaluation clients, which have been identified as the main influencing stakeholders within evaluation processes. The findings of an online survey among Swiss evaluation clients show that most clients have never been told by evaluators that they put the latter under pressure, even though previous studies found that half of the evaluators feel pressured. Nonetheless, clients frequently experience conflicts during evaluations that are often caused by a lack of a common understanding between evaluators and clients. Thus, we conclude that preventive measures are needed to increase the parties’ mutual comprehension, and ultimately, the quality of evaluation results.01A - Beitrag in wissenschaftlicher ZeitschriftPublikation Teaching sustainability to marketing students in an implicit and efficient way(2024) Miller, Barbara Therese; Felder, Juliane06 - PräsentationPublikation AI literacy as a threshold concept. Fostering sustainable AI education(2024) Felder, Juliane; Heuss, Sabina; Callegaro, Elena06 - PräsentationPublikation Electricity trading with derivative instruments: Speculation, hedging, or speculative hedging?(Springer, 2024) Härri, Matthias; Hüttche, TobiasThe physical nature of electricity makes it difficult to store, which means that current demand must always match current production. This requires both flexible and internationally interconnected generation capacity and appropriate hedging strategies. Electricity is typically traded ‘forward’, i.e., future energy volumes and prices are hedged in advance with derivative instruments to minimize price risks. In times of crisis, when energy prices can be highly volatile, such instruments can also be used for speculative purposes. However, hedging and speculative positions can trigger margin calls on derivatives exchanges or increased collateral requirements in the over-the-counter (OTC) market. The causes, interrelationships and possible consequences of such margin calls on the financial situation of buyers and sellers of electricity (e.g., on balance sheet liquidity) are discussed. Paradoxically, the use of hedging instruments to protect against price volatility, together with prudential accounting standards, has led to financial problems for many electricity producers during the market turmoil of 2022, and to governmental bail outs. Whether the problems of large energy companies in Switzerland are due solely to hedging motives or to speculative proprietary trading is difficult for outsiders to judge.04A - Beitrag SammelbandPublikation Controlling of the circular economy(Springer, 2024) Schmied, Simon; Krings, Ulrich; Koch, Maximilian; Hüttche, TobiasThis chapter analyzes the role of the controlling function in the transformation process from a traditional to a circular business model. Although the task of controlling lies precisely in measuring and managing corporate strategy, controlling has not yet established itself as a strong player when it comes to implementing a sustainable business model. Controlling still plays too passive a role and lacks the necessary expertise. Furthermore, controlling views sustainability more as a marketing or compliance issue than as a fundamental basic understanding of future entrepreneurial action. The chapter describes the linear business model and the need for a shift to a circular model. Based on this, the requirements for sustainability oriented corporate management are outlined and the form in which controlling can support and accompany such sustainability management in a meaningful way and with suitable key performance indicators (KPIs).04A - Beitrag SammelbandPublikation Were the crises of the recent past a litmus test for goodwill in the automotive industry?(Springer, 2024) Canipa, Marco; Tettenborn, Martin; Tettenborn, Maya; Hüttche, TobiasGiven the recent crises and ongoing structural changes in the automotive industry, future success potentials from formerly acquired investments within the automotive industry should be questioned. In this context, the estimation of future cash inflows and outflows as well as the corresponding discount rate, which is necessary within the IFRS framework of the impairment test of assets, becomes much more challenging. To shed new light on the impact of these effects on the litmus test, i.e. on the value of goodwill, the chapter is using the example of the automotive sector in Germany. The possibility of a goodwill bubble in the automotive industry cannot be ruled out, as our chapter suggests.04A - Beitrag SammelbandPublikation Consideration of uncertainties in business valuations(Springer, 2024) Hüttche, Tobias; Schmid, Fabian; Hüttche, TobiasValuation seems to be impossible since the future is uncertain. Nevertheless, company values are necessary for many reasons, so the question arises as to how valuations can take these uncertainties into account. Traditionally, the past is used as a basis for planning, i.e., it is more or less simply extrapolated. Given current experiences (Corona pandemic, Ukraine war, inflation, and energy crisis, to name but a few), the hope remains that these will not be perpetuated. On the other hand, however, we must also expect new and as yet unknown developments, or developments that are not considered likely or unlikely. To produce reliable valuations as a basis for economic decisions even in times of increased uncertainty, selecting suitable procedures and the appropriate handling of risks is important. Basically—and recurring to the mathematical model of discounting future cash flow—uncertainties or risks can be taken into account above the line (in the numerator or the cash flows) or below the line (in the denominator or the cost of capital). Double counting must be avoided, meaning that the denominator matches the numerator (equivalence principle) and that the cost of capital adequately reflects the fluctuations in cash flows. Up to now, most valuations reflect only one path, the future developments may take. In this paper, we want to demonstrate how the traditional valuation approach can be extended by sensitivity analyses, scenario calculations, and simulations to move from pure point estimates to reliable value ranges that may reflect reality more accurately.04A - Beitrag SammelbandPublikation Potential of venture capital in the European Union(Policy Department Economic and Scientific Policy, European Parliament, 2012) Tykvová, Tereza; Borell, Mariela; Kröncke, Tim05 - Forschungs- oder ArbeitsberichtPublikation International diversification with securitized real estate and the veiling glare from currency risk(Elsevier, 11/2012) Kröncke, Tim; Schindler, FelixThis paper analyzes diversification benefits from international securitized real estate in a mixed-asset context. We apply regression-based mean-variance efficiency tests, conditional on currency-unhedged and fully hedged portfolios to account for systematic foreign exchange movements. From the perspective of a US investor, it is shown that, first, international diversification is superior to a US mixed-asset portfolio, second, adding international real estate to an already internationally diversified stock and bond portfolio results in a further significant improvement of the risk-return trade-off and, third, considering unhedged international assets could lead to biased asset allocation decisions not realizing the true diversification benefits from international assets.01A - Beitrag in wissenschaftlicher Zeitschrift