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“Mittelstand” businesses are the backbone of the German economy. To operate effectively, these businesses require sufficient financing provided through adequate financing instruments. Yet, which characteristics do capital seekers value in adequate financing instruments? Despite the macroeconomic relevance of the topic, only few empirical studies exist to this date, which examine the financing behaviour of “Mittelstand”. For the paper at hand, all PREPS financed German businesses were asked to fill out an online survey. PREPS is a standardized mezzanine financing instrument, which was offered to “Mittelstand” businesses with a high degree of credit worthiness - primarily to finance business growth. PREPS financed businesses are of particular interest for this research as they can choose from the greatest variety of financing options amongst their peers due to their size and credit worthiness. Financing instruments differ in terms of rights and obligations associated with them. Depending on their design, financing contracts can fulfil a variety of functions beyond the obvious supply of liquidity, such as financial transformation, influencing of behaviours, and signalling private information. The paper at hand suggests that the businesses in question selected the same financing instrument, however, for different reasons. Furthermore, the degree of appreciation for certain characteristics of the financing instrument varies with business and situation specific context. When exploring individual hypotheses on how individual factors influence this degree of appreciation for certain financing characteristics, this paper builds on core capital structure theories as well as recent empirical insights in regards to financing behaviour. In addition, the paper examines several explorative hypotheses.
Virtueller Konsum - Warenkörbe, Wägungsschemata und Verbraucherpreisindizes in virtuellen Welten
(2015)
Virtual worlds have been investigated by several academic disciplines for several years, e.g. sociology, psychology, law and education. Since the developers of virtual worlds have implemented aspects like scarcity and needs, even economic research has become interested in these virtual environments. Exploring virtual economies mainly deals with the research of trade regarding the virtual goods used to supply the emerged needs. On the one hand, economics analyzes the meaning of virtual trade according to the overall interpretation of the economical characteristics of virtual worlds. As some virtual worlds allow the change of virtual world money with real money and vice versa, virtual goods are traded by the users for real money, researchers on the other hand, study the impact of the interdependencies between virtual economies and the real world. The presented thesis mainly focuses on the trade within virtual worlds in the context of virtual consumption and the observation of consumer prices. Therefore, the four virtual worlds World of Warcraft, RuneScape, Entropia Universe and Second Life have been selected. There are several components required to calculate consumer price indices. First, a market basket, which contains the relevant consumed goods existing in virtual worlds, must be developed. Second, a weighting scheme has to be established, which shows the dispersion of consumer tendencies. Third, prices of relevant consumer goods have to be taken. Following real world methods, it is the challenge to apply those methods within virtual worlds. Therefore, this dissertation contains three corresponding investigation parts. Within a first analysis, it will be evaluated, in how far virtual worlds can be explored to identify consumable goods. As a next step, the consumption expenditures of the avatars will be examined based on an online survey. At last, prices of consumable goods will be recorded. Finally, it will be possible to calculate consumer price indices. While investigating those components, the thesis focuses not only on the general findings themselves, but also on methodological issues arising, like limited access to relevant data, missing legal legitimation or security concerns of the users. Beside these aspects, the used methods also allow the examination of several other economic aspects like the consumption habits of the avatars. At the end of the thesis, it will be considered to what extent virtual world economic characteristics can be compared with the real world.
Aspects like the important role of weapons or the different usage of food show significant differences to the real world, caused by the business models of virtual worlds.