Μεταπτυχιακές Εργασίες
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Τεκμήριο Chinese walls within the ECB after the establishment of the single supervisory mechanismKontogiannis, Alexis; Athens University of Economics and Business, Department of Business Administration; Athens University of Economics and Business, Department of Marketing and Communication; Gortsos, ChristosThe object of this diplomatic is the ''Chinese walls within the ECB after the establishment of the single supervisory mechanism''. Initially there will be a presentation of the ECB and the SSM and then an observation to the nexus between monetary policy and banking supervision on the euro – area, as well as the interaction between these two functions and the conflicts of interests that may arise. Moreover, we will focus on the important issue of the rationale for the separation of the above functions and the absolute necessity for the creation of “ Chinese walls”. European Central Bank - ECB is the central bank responsible for the monetary system of the European Union (EU) and the euro currency. The bank was formed in Germany in June 1998 and works with the other national banks of each of the EU members to formulate monetary policy that helps maintain price stability in the European Union. The first step towards creatingthe ECB was the decision, taken in 1988, to build an Economic and Monetary Union: free capital movements within Europe, a common monetary authority and a single monetary policy across the euro area countries. The Euro-system is responsible for: defining and implementing monetary policy, conducting foreign exchange operations, holding and managing the euro area’s foreign currency reserves and promoting the smooth operation of payment systems. The ECB carries out specific tasks in the areas of banking supervision, banknotes, statistics, macro-prudential policy and financial stability as well as international and European cooperation. The operational framework of the Euro-system consists of the following set of instruments: open market operations, standing facilities and minimum reserve requirements for credit institutions. In addition, since 2009 the ECB has implemented several non-standard monetary policy measures, i.e. asset purchase programs, to complement the regular operations of the Euro-system. The Single Supervisory Mechanism (SSM) is the mechanism which has granted the European Central Bank (ECB) a supervisory role to monitor the financial stability of banks based in participating states, starting from 4 November 2014. Eurozone states are obliged to participate, while Member states of the European Union outside the euro-zone can voluntarily participate. As of 3 November 2014, none of the non-euro-zone member states had opted to join, although the ECB reported that some of them had expressed an interest in joining, and that talks were being held with each of them to map which changes to national legislation need to be adopted in order to become a SSM member. The SSM is the first established part of the EU banking union, and will function in conjunction to the Single Resolution Mechanism. A first limit to the scope of the SSM is geographical: the SSM will only cover a part of the EU member states. It will hence contribute to what is known as multi-speed Europe. A second limit is the fact that the SSM only deals with bank supervision. Supervision of the rest of the financial sector (for example insurance firms) remains a national competence. In addition, some aspects of bank supervision (for example consumer protection) remain a task for national supervisors. The 19 euro-zone member states participate automatically in the SSM. The last country to join was Lithuania, when it joined the euro-zone on 1 January 2015. Since the EU treaties onlygive the ECB jurisdiction over euro-zone states, legally it cannot enforce measures in non-eurozone states. This would prevent the ECB from effectively carrying out its supervisory role in these states. Under the European Treaties, non-euro-zone countries do not have the right to vote in the ECB's Governing Council and in return are not bound by the ECB's decisions. Non-eurozone countries cannot become full members of the SSM in the sense of having the same rights and obligations as euro-zone SSM members. However, non-euro-zone EU member states can enter into a "close cooperation agreement" with the ECB. The banks in that country are then supervised by the ECB and the country gains a seat in the ECB's Supervisory Board. It would allow banks in that country to be supervised by the ECB provided that they have mechanisms in place to make ECB measures binding upon national authorities. A "close cooperation" agreementcan be ended by the ECB or by the participating non-euro-zone member state. Participating noneuro- zone states will also gain a seat on the ECB's Supervisory Board.The procedure for non-euro-zone states to join SSM through "close cooperation", regulating the timing and content of applications and how the ECB shall assess such applications and the practicalities of admitting new members, was outlined by Decision ECB/2014/510. The decision entered into force on 27 February 2014. As of 3 November 2014, no requests to enter into "close cooperation" have been notified in line with the prescribed procedure. Nonetheless, the ECB has received informal expressions of interest from some none-euro-zone Member States, and is currently organizing bilateral meetings with them with a view to their possible entry into close cooperation arrangements.Τεκμήριο The connection between monetary policy and financial marketsChachlioutakis, Christos; Athens University of Economics and Business, Department of Business Administration; Athens University of Economics and Business, Department of Marketing and Communication; Philippopoulos, ApostolisThe dissertation examines the link between monetary policy and financial markets and how shifts in monetary policy affects a wide variety of financial products such as bonds, stocks and derivatives. The relationship between monetary policy and financial markets is by no means a one way street however. Markets reflect the expectations of market participants about future economic and monetary developments. These expectations, provide valuable information for central banks in determining the optimal future course of monetary policy. The recent financial crises has confronted central banks with a lot of questions about the theory of monetary policy and the results of the policy, in general. Monetary authorities throughout the world have been responding to the crisis by taking both conventional and unconventional policy measures. Monetary policy and financial markets are fully linked. Central banks conduct monetary policy by directly and indirectly influencing financial market prices. The relationship between monetary policy and financial markets is by no means a one way street, however. Financial market prices reflect the expectations of market participants about future economic and monetary developments. These expectations, in turn, provide valuable information for central banks in determining the optimal future course of monetary policy. In the vast majority of nations (or group of nations) central banks operate under regulations that refer to additional objectives such as full employment, maximum sustainable growth, stable interest rates or stable exchange rates. To meet their objectives, central banks intervene in financial markets. It is through the financial markets that monetary policy affects the real economy. In other words, financial markets are the connecting link in the transmission mechanism between monetary policy and the real economy. Monetary policy affects financial markets through various channels. However, the transmission process from monetary policy to financial markets and finally to the real economy has a single source: the monetary policy instrument as it noted by Philipp Hildebrand (2006). Typically, the monetary policy instrument is a financial market price which is directly set or closely controlled by the central bank. For most central banks with floating exchange rates, the monetary policy instrument is a short-term interest rate. Under fixed exchange rate regimes, a particular exchange rate serves as the instrument. Under monetary targeting regimes, the instrument is typically the quantity of central bank money in the banking system. The precise sequence of the monetary transmission mechanism depends on the instrument which is used. As it mentioned above, the link between monetary policy and financial markets is not a one way street. Financial market prices reflect market expectations about future, such as inflation, output, and the likely course of monetary policy. It is therefore natural and appropriate for central banks to evaluate closely the information contained in market prices. In other words, market expectations can and should influence the setting of monetary policy. However Philipp Hildebrand (2006) mentioned that central banks must exercise caution in using the information extracted from market expectations as an input to formulating monetary policy. The information value of financial market prices for monetary policy purposes decreases to the extent that they no longer reflect an independent evaluation by millions of market participants about probable future developments in the economy and in financial markets. Alan Blinder (1998) said the «dog chasing its tail» problem: Financial markets look for guidance from the central bank, the central bank looks for guidance from financial markets, and both parties temporarily lose sight of the underlying factors determining inflation, namely the output gap in the short to medium-un, and. To avoid this trap, central banks should exercise due caution when making use of financial market expectations. Financial markets provide useful information for a central bank in search of the optimal monetary policy path. But, as Otmar Issing (2005) said, central banks must ensure that they do «not end up merely executing the expectations developed in the market». The information about expected future developments reflected in market prices must be continuously cross-checked against a wide range of monetary and economic indicators in what amounts to a «checks and balances» approach to monetary policy.Τεκμήριο Disruptive innovation in online shoppingKaragianni, Niki; Athens University of Economics and Business, Department of Business Administration; Athens University of Economics and Business, Department of Marketing and CommunicationOnline Market: We explore how big is the online market and its expected growth in consumers and businesses.Free Time: Based on researches that declare the amount of free time needed, we describe why it affects the online market’s growth.Buying Frequency and Habits: We explore which countries have the biggest online sales, how much the average person spends and what is the penetration rate.Trends in Online Shopping Activity: Which generation spends more online? Which are the products people buy online more frequently? Through which channels? A number of statistics regarding the American audience show us the factors that define the online consumer.Questionnaire: A questionnaire that analyzes the income, the average free time, the online activity and more specifically the online shopping activity of modern Greeks was filled by 205 people.Business Plan: We examine the opportunities of developing a new Social Networking platform, designed specifically for shopping.Conclusion: Could our Social Networking platform be the disruptive innovation the online market needs?Τεκμήριο Gamified prospect of Human Resource DepartmentPantazis, Ioannis; Athens University of Economics and Business, Department of Business Administration; Athens University of Economics and Business, Department of Marketing and Communication; Doukidis, GeorgiosThis thesis reviews the growing trend of using ‘Gamification’ within traditional enterprise human resources (HR) processes and practices. As gamification quickly becomes a hot topic across a wide range of industries, business functions and academia, and now holds a place in the Oxford English dictionary, it is a concept that has been hailed as a “game changing layer" and mocked as a “useless buzzword". According to Gartner (2012), Gamification will be in 25% of redesigned business processes by 2015, will grow to a $2.8 billion business by 2016 and 70% of the top global 2000 businesses will have at least one ‘gamified’ application by 2014. Research shows that amongst the initial adopters of gamification mechanics is the corporate HR department. Pioneers within the function are working with industry analysts and gaming organizations to build gaming platforms to deliver loyalty based or game based applications for their employees. This thesis will explore the literature available to date on this new but growing concept along with the fundamentals of people motivation and engagement mechanisms and explore how it HR professionals can support the strategic goals on employee training with gamification platforms. The document begins by examining the fundamentals of people motivation and engagement. It then focuses on the mechanism of interest creation and presents the flow theory. Following this, the thesis assesses how engagement, motivation and interest affects learning and will shortly present the Fogg Model. In addition, the basis of gamification are explained by presenting the game environment, the game elements and the game design. Closing the literature review, the thesis examines the challenges that gamification faces when it comes to be applied on corporate learning and we will present the commonly used methodology of applying gamification. In the next chapters of this thesis we describe the used methods for the research and data collection. The thesis will follow the Core Attitudinal Model in order to identify how job satisfaction dimensions affect the employees’ intention of participating in corporate trainings and how the induction of gamification elements may affect these intentions. The findings indicate that game and gamification can be used in the context of training as a tool to increase the engagement, motivation and interest towards the training activities in cases that employees’ willingness to participate is very low.Τεκμήριο An investigation of customer attrition at an SME multinational operative company (OPCO) from a CRM core business process perspective(Athens University of Economics and Business, 10-2006) Sofias, Yannis; Athens University of Economics and Business, Department of Business Administration; Athens University of Economics and Business, Department of Informatics; Athens University of Economics and Business, Department of Marketing and Communication; Ioannou, GeorgeThesis - Athens University of Economics and Business. Interdisciplinary Program of Graduate Studies (Executive MBA)Τεκμήριο Knowledge transfer through partnerships : Greek case study(Athens University of Economics and Business, 2001) Koutsoula, Evdoxia; Loukidis, Georgios; Athens University of Economics and Business, Department of Business Administration; Athens University of Economics and Business, Department of Marketing and CommunicationThesis - Athens University of Economics and Business.Τεκμήριο Local search algorithms for the pickup and delivery problem with cross-dockingFidanis, Ioannis; Athens University of Economics and Business, Department of Business Administration; Athens University of Economics and Business, Department of Marketing and Communication; Tarantilis, ChristosThe efficient management of a distribution network is crucial for logistic companies and transportation service providers. Transportation costs represent a large percentage of the logistics costs. The costs associated with transport, have a direct impact on the final value consumers must pay. Therefore, the academic community and practitioners have put substantial effort in conducting research for finding optimal ways to decrease transportation costs and increase customer service.The Vehicle Routing Problem (VRP) represents a class of problems that are commonly encountered by transportation companies. In its general form, the objective of the VRP is to design a set of minimum cost routes in order to serve a set of customers under several constraints. Large scale VRPs are very difficult to be solved optimally by an exact algorithm and thus, approximate methods have been developed in order to address these problems and produce solutions of high quality.In practical applications, the distribution of products from a set of suppliers to a set of customers can be performed through two different distribution strategies: i) direct-shipping, and ii) cross-docking. A Cross-dock (CD) can be considered as an intermediate station for consolidating shipments from various suppliers, before delivering them to their final destinations.This work studies a distribution network where both of the aforementioned strategies may appear and it is referred in the literature as the Pickup and Delivery problem with Cross-Docking (PDPCD). The objective of this problem is to find the least cost set of vehicle routes for distributing products from a set of suppliers to a set of customers. The cost representation may vary through various implementations. In this work, the total transportation cost is considered to be the total routing cost (or total distance travelled).Three different algorithms are introduced in order to solve the PDPCD problem. The first algorithm is a Greedy Algorithm which is based on the best decision that can be made at each step of the execution. A vehicle starts from the origin point (depot or CD) and visits the closest node to its current position. It continues visiting nodes till any of the predefined problem’s constraint is met (capacity and time constraints). At this point, a decision is made whether the vehicle will return to the origin point or it will start delivering the loaded goods. This procedure is being repeated for all the vehicles and until all the nodes are served. At the end of this algorithm, a total transportation cost is calculated.Next, we present two tabu search algorithms in an effort to improve the initial solution. For this purpose, two different move types are applied: a relocation move type and an exchange move type. The relocation move aims to reduce the total cost by relocating a node from a vehicle to another vehicle. The exchange move aims to reduce the total cost by exchanging two nodes with each other belonging to different vehicles. The tabu search algorithm introduces a tabu list to forbid certain moves from being applied to the current solution. Moves are considered feasible if they do not violate any of the problem constraints. In addition, an enhanced tabu search algorithm is developed which is able to simultaneously consider both move types at each execution step. The algorithm selects the best solution out of them as the candidate one at each step. We examine the impact on the total routing costs compared to the simple tabu search algorithm.Various computational experiments are conducted in order to examine the performance of the two developed algorithms on benchmark problem instances of the literature. For this purpose, we investigate the impact on total routing costs by using the simple tabu search algorithm considering only a move type each time, as well as the enhanced tabu search algorithm which considers both move types simultaneously.Τεκμήριο Mobile shopper behavior towards in store proximity marketing using beacons: the role of shopping motivationsVlachogiannis, Miltos; Βλαχογιάννης, Μίλτος; Athens University of Economics and Business, Department of Business Administration; Athens University of Economics and Business, Department of Marketing and Communication; Doukidis, GeorgiosShopper behavior in the mobile environment is rapidly evolving. Same time, proximity marketing practices are becoming extremely popular in the retail setting due to the emergence of Bluetooth Low Energy beacons; however the academic research regarding the implications of such technologies on consumer behavior is limited. This paper performs an extensive review of existing literature on mobile marketing, shopper marketing, consumer behavior, and proximity marketing to study the factors that influence shopping decisions in the mobile context. As a key finding, a systematic and careful research on the ever changing mobile shopper behavior should be performed, so that retailers could leverage the capabilities of mobile. To this end, drawing on previous literature that examined utilitarian and hedonic motives for shopping, the author proposes a quantitative approach to measure how in store proximity marketing activities influence shopping decisions based on the shopper’s motivations. Moreover, a detailed presentation of beacons technology is provided including its value for consumers and firms as well as popular use cases in retail. The findings of the study provide implications for both managers and academics in designing mobile marketing strategies based on an understanding of shoppers’ behavior.Τεκμήριο Open business models in health and wellness industries: the S.A.F.E. initiativeKatsoulaki, Marianna; Athens University of Economics and Business, Department of Business Administration; Athens University of Economics and Business, Department of Marketing and Communication; Ioannidis, AntoniosThe past three years the world has been facing its biggest demographic change since World War II. People are forced to live their homes with the hope of a better future. A vast number of unaccompanied minors made that journey too in an attempt to find peace again. These children were physically and mentally affected with the worse way possible, ripped by their families and the safety of their home. The first stop towards their journey to Northern European countries was Greece and specifically the Eastern Aegean Islands which were severely affected. Huge numbers of refugees were arriving at the shores of Chios, Lesvos and Samos, locals became intolerant to the state’s absence and the situation escalated. Volunteers and non-profit organizations (NGOs) from all over the world arrived in the Islands to help with the situation and a lot of Greek NGOs arose from this crisis. The idea of S.A.F.E initiative was created, after I got involved with another non-profit organization that helps unaccompanied minors find a safe place. It was then, when I realized the huge impact of refugee crisis in people’s lives. After experiencing that, in a minimized degree from the field of Athens, I couldn’t be more sure for my decision of this business plan. Although Chios Island receives a significant number of refugees and unaccompanied minors, there are not enough structures to support these intakes. The initials S.A.F.E stand for Surpass, Achieve, Facilitate, and Educate and describe a non-profit organization (ΑΜΚΕ) that will be established to address the issue of unaccompanied minors in Chios Island. Thus, the main objective of the S.A.F.E initiative is the provision of medical support, education and a safe environment for the refugee children that arrive in Chios and must coexist with the general refugee population in adult camps under awful conditions. Two more NGOs are active in the Island, Ark of the World and Metadrasis, who offer similar services with regards to the accommodation and education but the needs of the unaccompanied minors are not fully covered. The solution that we bring to the problem is the reduction of the refugee population in Chios by accommodation and education of the unaccompanied young boys aged 14-18 years old that arrive in the Island. This initiative will boost local economy by creating new jobs for the locals and the refugees and it will change the dynamics of the relationship between local & refugee community. We offer a shelter and a refugee school that will enhance children's mental health and equip them with new skills and competences. The main requirement for the project implementation is finding a partner that would be in charge of the shelter’s and school’s operation. Partnerships will be pursued with local NGOs and once found, the partners will help us complete the necessary steps towards the completion of the project. The S.AF.E initiative will include an executive team for the needs of the administrative support and social scientists, psychologists, and other relevant staff on the field of Chios Island. The executive team will report to the Board of Directors who will be setting the strategy of the organization. The S.A.F.E organization is structured based on the five features of a non-profit which are the organization, privacy, self-governing, non-profit distribution and voluntary participation. We estimate that a budget of around 320.000€ will be needed for the onset of this project that includes the yearly costs of Office, Shelter and School operation for 2018. There is a starting fund of 50.000€ from one of our benefactors and the AMIF funding has already been approved for the shelter and the school. Other funds will be found through ESPA (2014-2020) program, crowdfunding campaigns and yearly events. Donations will be accepted and categorized as monetary and in-kind (material, services) donations. With the beginning of 2018 the office will be operated by the executive team who will be responsible for the smooth completion of the whole project. Given that the S.A.F.E initiative would be located in Athens, different ways of monitoring our project and evaluating its progress will be implemented for controlling the shelter and the school in Chios. According to our predictions enough revenues will produced to cover the expenses even from the first year of operation and the profit will steadily rise due to the people’s awareness regarding the benefits of the project.Τεκμήριο Technology start-up business plan in tourism sectorKatrakis, Emmanouil; Kokolakis, Emmanouil; Athens University of Economics and Business, Department of Business Administration; Athens University of Economics and Business, Department of Marketing and Communication; Ioannidis, Antoniosa. Purpose of this business plan The digital revolution relentlessly promotes the transformation of Retail Enterprises. At the same time, the forerunners of active changes follow the consumer behavior that is in accordance with the digital consumer process which is already being felt in Electronic Commerce. In reshaping the Value Chain of business trade models lie the opportunities and prospects of future E-Commerce.The scope of the present Master’s Thesis is to create -in today’s turbulent business environment, rapid technological, informational and societal progress- a Start-Up and to depict a Techno-Economic preliminary study of such a business proposal. Underneath authors desire to study the field of Entrepreneurship lies a strong willingness and motivation to create a new venture. Therefore, in the first part of this Thesis is developed a method of analyzing important elements of launching a new business in a boosting industry such as the Tourism Sector. In the second part, authors’ idea is presented in detail, while examining if it could be transformed in a profitable business and play a key role in the Online Tourism Sector.b. Main highlights The empirical part of this Thesis focused on how to turn a project idea into a Business Plan. The research part included the examination of activity in the area of Travelers mainly based in Athens and Chania districts, but also in some selected European countries. Interviews were conducted to investigate the existing successful business strategies within this industry while this study also introduced some personal ideas of innovation. As a result, the study helped taking a thorough, careful and comprehensive look at the most important facets of hyper-personalized traveling experience and helped evaluate a new venture called ksenobatis. Moreover, the practical appliance of what is mentioned in chapters 4-7 is attempted via the presentation of a realistic–analytical Business Plan for this Start-Up. The background behind this selection was inspired by the rapid growth of personalized Travel Packages and a broad interest in traveling abroad by the two Co-Founders of ksenobatis, Manolis Katrakis and Manolis Kokolakis.The time window of the study is the period 2015-2016. Due to the fact that technical analyses for the economic impact of a new Start-Up business inside Tourism industry in Greece have not been conducted yet, the study uses estimates from international studies and bibliography. The adaptation scenario, assumes that adequate measures are being taken for financing ksenobatis. In conclusion in order to sustain a Start-Up, the optimal solution lies in effectively combining adaptation measures and financing strategies.c. Financial requirements The requirements of ksenobatis’ technical and physical infrastructure are quite basic. At the beginning, all that is needed is a website (www.ksenobatis.com) where users can easily and quickly make their preferences for Hyper-Personalized Travel Plans via interactive questionnaires that will collect the information described above. In addition, costs will arise in the making of the relevant mobile applications for iOS and Android platforms and of course for promotional activities, especially in the first steps of the operation. d. Statement of Purpose www.ksenobatis.com,a Start-Up business to be established during 2017, is a tool companythat offers hyper-personalized vacation packages inside the Tourism industry and is located in Athens, Greece.The company is seeking for its first investment in the amount of €49,000for the purpose of establishing its website and also to accomplish its first steps along the bureaucratic procedures for One Stop Shop that are valid in Greek environment.Funding is needed in time for the website and in place by January 9th 2017.Repayment of the loan and interest can begin promptly within 90 days of receipt and can be further secured by real estate, which is owned by the company and which has an assessed valuation of €50,000.ksenobatis’ goal is to grow steadily, becoming profitable by the second year of operations.