Typically, an "ESMT Business Brief" is a shorter and less comprehensive version of a "white paper," which explains the results, conclusions, or construction resulting from some organized committee or research collaboration or design and development effort. It is an educational report made available to the public that expounds on a particular industry issue.
ESMT No. BB–109–002/ger Europäische Banken - Wege zu einer nachhaltigen Management-Agenda
Author(s): Felix Stephan Fremerey and Jan U. Hagen - Abstract: Die Finanzmarktkrise zwingt alle Banken zur Überprüfung ihrer bisherigen Geschäftsmodelle. Dabei ist für die Entscheidung der künftigen Positionierung die Kenntnis der Treiber für den Erfolg (gemessen an Rendite/Volatilität) entscheidend. Vor diesem Hintergrund haben die Autoren eine empirische Analyse der Jahresabschlüsse 65 europäischer Banken über den Zeitraum der Jahre 2000 bis 2008 durchgeführt.
Dabei wurden fünf Treiber für den Geschäftserfolg identifiziert: Wachstums- Dynamik, Portfolio-Mix, Unternehmensgröße, Kostenposition und relativer Marktanteil. Langfristig bedeutsam sind dabei primär Wachstums-Dynamik und Portfolio-Mix. Die drei übrigen Faktoren haben zwar einen bedeutenden, aber insgesamt ‚überschätzten’ Einfluss. Auf der Basis dieser Analyse wird anschließend aufgezeigt, wie eine Umsetzung in die jeweilige Management-Agenda aussehen kann. Entscheidend ist hier die Kenntnis und Bewertung der eigenen Ausgangslage im Markowitz-Portfolio.
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ESMT No. BB–309–001 Executive Education Programs in Times of Economic Crisis: Considerations for Learning and Development Professionals
Author(s): Konstantin Korotov - Abstract: With the current financial and economic crises and expectations or reality of a recession companies are looking at ways of optimizing the use of their resources and reconsidering their investments. Efforts at developing management talent and leadership capacities of company employees are often associated with significant costs and may, therefore, be among the first to undergo scrutiny in terms of feasibility and expected effectiveness. On the other hand, underinvestment in preparing people for leadership and management roles and tasks may come at a cost for the organization’s survival, competitiveness, and future success. Although leadership development can take many forms, executive education courses and programs traditionally play a large role in the process, and constitute a major part of leadership development costs. This business brief outlines a number of issues that need to be taken into account when designing, developing, and delivering leadership and management development programs under the conditions of scarce financial resources.
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ESMT No. BB–108–008 Safe and Sound: An EU Approach to Sovereign Investment
Author(s): Lars-Hendrik Röller and Nicolas Véron - Abstract: A growing share of inward investment into the European Union, including but not limited to sovereign wealth funds (SWFs), will come from countries with diverse political regimes with which Europeans may not always see eye-to-eye. The current crisis may increase both Europe’s need for such investment and its sensitivity to the non-economic implications. New investor countries have incentives to refrain from political use of their assets, as illustrated by the recently published ‘Santiago principles’ for transparency and accountability of SWFs. But these incentives are not powerful enough to spare Europe its own assessment of security risks linked to new trends in foreign investment.
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ESMT No. BB–108–007 Consolidation Index for the European Airline Industry
Author(s): Marten Büttner and Christoph Burger - Abstract: As markets internationalize while consolidating, companies have to ask themselves if they can become leaders in these broader international markets. The consolidation index, developed by Burger, is a framework for developing and validating strategies in this regard. The European airline industry has a comparably low level of consolidation with the top 5 airlines having a combined market share of 31 percent in Europe. This business brief applies the consolidation index to the European airline industry and shows which airlines are in a good position to drive the future consolidation process in this industry.
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ESMT No. BB–108–006 Europe and China: Different Stages of Industrial Consolidation
Author(s): Marten Büttner and Christoph Burger - Abstract: Extensive industry consolidation is taking place in Europe in many industries. But how about consolidation in one of the biggest growth-markets worldwide – China? A recent survey by ESMT has looked at the differences between Europe and China when it comes to consolidation.
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ESMT No. BB–108–005/gerBankenkonsolidierung in Deutschland: Ein erster Schritt Author(s): Christoph Burger and Jan U. Hagen - Abstract: Following the merger of Commerzbank with Dresdner Bank and the subsequent takeover of a 30% share in Deutsche Postbank by Deutsche Bank the German banking market seems to enter the long awaited consolidation. The Business Brief analyses the consequences of these transactions and shows that they are merely first steps. Only the reform of the public sector banking system - with the dominant savings banks and the Landesbanken - will provide Germany's banks with a chance to remain market driving generalists in a consolidating European market.
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ESMT No. BB–108–004On the Verge of a Paradigm Shift in the Energy Sector? From Centralized to Decentralized Energy GenerationAuthor(s): Christoph Burger, Michael Holtermann and Gerald Kalny - Abstract: Translating IPCC climate models into CO2 emissions per head results in 2030 emission targets of 5 percent of today’s emission levels for the US and 10 percent for Europe. In an energy environment where externalities like CO2 are priced and where fossil fuels are becoming scarce and more expensive, only a major transformation of the 20th century energy and mobility infrastructure will be able to cope with these climate and fossil fuel scarcity challenges. With increasing energy prices, energy efficiency and decentralized energy generation will be key ingredients for this energy paradigm shift.
Focusing on this paradigm shift, the business brief as a thought experiment intends to: • Identify implications for the value chain, namely the creation of new value-chain segments; • Indicate potential shifts in market size and margin of the respective value-chain segments; • Derive implications for players involved, namely the emergence of a new competitive landscape. The business brief addresses all energy players involved, especially incumbents who face the challenge to balance the tasks of securing and optimizing traditional business while at the same time taking part in new disruptive innovations.
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ESMT No. BB–108–003*Industry Consolidation Comparison of Europe and China
Author(s): Marten Büttner and Christoph Burger
* This file has been removed from circulation.
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ESMT No. BB–108–002/ger Europäische Industriekonsolidierung: Die unterschätzte DynamikAuthor(s): Christoph Burger and Jan U. Hagen - Abstract: Summary of results from the 2007 Consolidation Impact Survey. The survey covers four industries that are most affected from consolidation trends in Germany: Aviation, Utilities, Telecoms and Banking..
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ESMT No. BB–108–001Consolidation Index: Critical Success Factors for Industry ConsolidationAuthor(s): Christoph Burger - Introduction: While markets internationalize and at the same time consolidate, companies have to ask themselves if they can develop to one of the market leaders in this broader international market. To give guidance to this question, the business brief introduces the concept of the consolidation index as a framework for developing and validating strategies in this regard and discusses the results of the consolidation index for the European banking and utilities industry.
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ESMT No. BB–107–004/gerKonsolidierung europäischer Banken – Weckruf für den deutschen Bankenmarkt?Author(s): Christoph Burger and Jan U. Hagen - Introduction: Der Abstieg erfolgte vergleichsweise unspektakulär, aber nachhaltig: Noch zu Beginn der neunziger Jahre war die Deutsche Bank gemessen an der Marktkapitalisierung die größte europäische Bank und gehörte zu den zehn größten Banken weltweit. Seither haben sich die Relationen grundlegend verschoben: In allen großen europäischen Ländern gibt es inzwischen jeweils mindestens zwei Banken, die eine größere Marktkapitalisierung aufweisen, als die Deutsche Bank. Damit stellt sich die Frage, welche Rückschlüsse für die, neben den in Deutschland dominierenden Volksbanken und Sparkassen, börsennotierten privaten Banken zu ziehen sind.
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ESMT No. BB–107–003The U.S. Subprime Crisis and the German Banking MarketAuthor(s): Jan U. Hagen and Jörg Rocholl - Introduction: At first glance it seems paradoxical: Loan defaults in the U.S. real estate market threaten the viability of two major German financial institutions–both with deep national roots. But although the full extent of the current banking crisis remains yet unknown, the first steps toward a critical reappraisal of future market scenarios can begin now.
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ESMT No. BB–107–003/gerDie US-Sub-Prime Krise und der deutsche BankenmarktAuthor(s): Jan U. Hagen and Jörg Rocholl - Introduction: Auf den ersten Blick erscheint es paradox: Kreditausfälle im US-Immobilienmarkt führen zur Existenzkrise von zwei deutschen, im nationalen Geschäft verwurzelten Instituten. Selbst wenn noch nicht sämtliche Einzelheiten der aktuellen Krise im Bankgeschäft bekannt sind, können erste Ansätze zur notwendigen Aufarbeitung und Ableitung eines künftigen Marktszenarios vorgenommen werden.
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ESMT No. BB–107–002Exploitative AbusesAuthor(s): Lars-Hendrik Röller - Introduction: This paper investigates the role of exploitative abuse under Article 82. Unlike exclusionary practices, there is relatively little economic commentary on the proper role of exploitative abuses in competition policy, even though the legal perspective in Europe has consistently emphasized the importance of enforcing antitrust action in the arena of exploitative practices. In this paper I will address the following two questions: what are the effects of antitrust action against exploitative conduct? and when to take antitrust action against exploitative abuses?
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ESMT No. BB–107–001/gerEuropäische Konsolidierung in der Energiebranche: Beginn einer zweiten Konsolidierungswelle?Author(s): Christoph Burger and Michael Holtemann - Introduction: Im Hinblick auf die endgültige Öffnung der europäischen Energiemärkte im Juli 2007 sehen sich die ursprünglich nationalen Versorger der Gefahr sinkender Marktanteile im Heimatmarkt, aber auch der Chance, das internationale Geschäft zu forcieren, gegenüber. Nachdem sowohl die deutschen als auch die ausländischen Energieversorger bereits in den 90-iger Jahren und verstärkt ab der Jahrtausendwende mit den Privatisierungen in Osteuropa international tätig wurden, befindet sich die Industrie nun in einer Phase der europäischen Konsolidierung. Zeichen hierfür sind die versuchte Übernahme von Endesa durch E.ON, die Enel als „weißen Ritter“ auf das Spielfeld brachte, die gelungene Übernahme von Scottish Power durch Iberdrola oder von Gaz de France und Electrabel durch Suez. Folglich stellt sich die Frage, ob die deutschen Energieunternehmen die Neuverteilung der europäischen Energiemarktanteile für sich nutzen können. Zur Beantwortung dieser Frage sind drei Aspekte zu betrachten: i.) Haben die deutschen Energieunternehmen im Vergleich zu ihren europäischen Konkurrenten die nötigen Kompetenzen, um den europäischen Konsolidierungsprozess treiben zu können? ii.) Ist die Marktdefinition „Integrierte Strom-/ Gasunternehmen“ für die Beantwortung dieser Frage die richtige Abgrenzung? iii.) Welche Implikationen erschließen sich daraus für die deutschen Energieversorger?
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