Aktuelles - Wirtschafts- und Sozialwissenschaftliche Fakultät der Universität zu Köln https://www.wiso.uni-koeln.de/ Aktuelle Hinweise und Nachrichten aus der Forschung und Lehre der Wirtschafts- und Sozialwissenschaftliche Fakultät der Universität zu Köln de-de WiSo-Fakultät Thu, 14 Nov 2019 08:19:45 +0100 Thu, 14 Nov 2019 08:19:45 +0100 TYPO3 EXT:news news-18273 Mon, 11 Nov 2019 11:22:06 +0100 Many tax benefits miss their target https://www.wiso.uni-koeln.de/en/news/news-faculty/many-tax-benefits-miss-their-target/ Team of researchers led by FiFo Köln evaluates 33 tax concessions. Tax concessions amounting to billions are not effective and could be abolished. This is the conclusion of a study by FiFo Köln, ZEW Mannheim, ifo Institute and Fraunhofer FIT. The four research institutes evaluated a total of 33 state tax breaks for the Federal Ministry of Finance amounting to 7.4 billion euros.

"The majority of the tax concessions examined are only mediocre. After all, ten measures totalling 1.8 billion euros per year are so weak that they should be urgently adapted or immediately abolished," says Michael Thöne, head of the FiFo Institute for Public Economics at the University of Cologne, which headed the evaluation.

These mainly include reductions and exemptions from energy and electricity taxes. "But light and shadow are close together. Especially with these levies, we also have great privileges, which are still indispensable," adds Thöne.

The studies on the effectiveness, relevance, sustainability and transparency of the 33 very different tax relief rules in income and vehicle tax as well as in energy and electricity tax show how decisive regular evaluations are for a policy that wants to work more and more evidence-based and result-oriented.

"For a climate policy that can be financed sustainably, in future, attention should be paid to a more targeted, i.e. narrower, definition of the benefits granted," says ZEW economist Daniela Steinbrenner.

"Unfortunately, the objectives and effects of the individual instruments are rarely in line with each other in the area of income tax relief for the commercial sector," says Florian Neumeier of the ifo Institute. "Most of the benefits granted miss their purpose or even lead to deadweight effects."

The Fraunhofer Institute for Applied Information Technology (Fraunhofer FIT) has taken over the quantification of revenue losses for public budgets for all tax concessions. "The tax losses examined for the individual measures range from just under one million to well over one billion euros a year," explains Sven Stöwhase, head of the FIT's quantification team: "From very small to very large - with sometimes very different numbers of people and companies directly affected by the benefit: A solid quantification is the central yardstick for political assessment. It allows all citizens to determine for themselves whether the results are worth the taxpayers' money spent."

The examples given are only an excerpt. The various objectives of the benefits evaluated are primarily in the areas of climate protection, international competitiveness, housing construction, cultural and monument protection, asset sharing and employee capital participation, promotion of public transport, agriculture and shipping.

The research results offer - despite the more than 1,000 pages - rapid access to a rich pool of findings and instrumental suggestions in many policy areas via a uniform scoring system and short subsidy identification sheets. The results of the evaluations are compiled in a joint volume of results. There and in the five sub-reports A to E, the evaluation of each of the 33 tax concessions is also presented on a uniform, two- to three-page subsidy identification sheet.

• An overview of the results is available on the FiFo website

news-18262 Wed, 06 Nov 2019 10:11:58 +0100 CEMS United Nations Model in der Financial Times https://www.wiso.uni-koeln.de/en/news/news-faculty/cems-united-nations-model-in-der-financial-times/ Simulation Conference of CEMS Students on United Nations Climate Negotiations: Report in the Financial Times 180 future business leaders from 9 business schools and more than 30 countries met in May 2019 for a simulation of UN climate negotiations. This exciting programme, which is supported by the United Nations, is part of the semester programme on climate change and climate policy, which takes place as part of the CEMS Masters International Management of the WiSo Faculty and other internationally leading business schools. The students are assigned roles according to the real participants in the negotiations. Their goal is to find a consensus on how to implement the ambitious goals of the Paris Climate Change Agreement to keep climate change below 2 degrees Celsius.

How the conference went and what the students learned from it can now be read in a current article in the Financial Times.

This unique educational initiative has the official backing of the United Nations Framework Convention on Climate Change (UNFCCC) and its Executive Secretary, Patricia Espinosa.

news-18254 Mon, 04 Nov 2019 13:29:21 +0100 What were the benefits of the world’s first health insurance? https://www.wiso.uni-koeln.de/en/news/news-faculty/what-were-the-benefits-of-the-worlds-first-health-insurance/ Econometric study sheds light on Bismarck's health insurance and its historical impact on mortality. Anyone who falls sick goes to see the doctor, receives treatment and, if necessary, is given a sick leave until their health is restored. This goes without saying in Germany, a country were health insurance is mandatory and is part of the social system. Other countries follow the German model whose essential features were introduced by Otto von Bismarck in 1884 in the German Reich.

The historical consequences of the world’s first mandatory health insurance for workers' health is surprisingly controversial, especially because medical treatment was still in its infancy when the insurance was introduced. Many developing countries are currently debating the introduction of statutory health insurance. Even in countries where a corresponding system exists, its design and the need for reform are continuously in the focus of public attention.

Professor Stefan Bauernschuster (University of Passau), Anastasia Driva (Swiss Re) and WiSo Professor Erik Hornung from the Center for Macroeconomic Research examined the impact of the introduction of health insurance on mortality in Prussia in a study soon to be published in the Journal of the European Economic Association. Their econometric approach is based on administrative mortality data from Prussian counties and districts from the years 1875 to 1904.

Already during this period, the statistical office in Prussia reported mortality rates by occupational group. Combined with the imperial occupation and population figures, Bauernschuster, Driva and Hornung were able to calculate occupation-specific mortality rates. The authors made clever use of the fact that compulsory insurance was introduced in 1884 only for workers, while other occupational groups such as civil servants were excluded. The introduction of health insurance can thus be used in a natural experiment with a treatment group (workers) and a control group.
The analysis shows that soon after 1884 the mortality rate of the workers decreased significantly, at the end of the 19th century by up to eleven percent. The authors exclude that this result is driven by improvements in sanitary infrastructure and changes in the degree of urbanization coinciding with the introduction of the insurance. In total, the insurance reduced mortality in the average county by 0.83 deaths per 1000 inhabitants, equivalent to 16.5% of the total mortality decline in this period.

Further analysis of data on causes of death and the expenditure structure of health insurance funds revealed that the insurance reduced infectious disease mortality, especially from tuberculosis. The decline was particularly associated with higher insurance expenditures on doctor visits, whereas a similar effect for expenditures on sickness benefits could not be found. Bauernschuster, Driva and Hornung conclude that the insurance worked through the prevention of infectious diseases while the provision of stable incomes during periods of sickness did not have any immediate effects.

Thus, the insurance was successful because doctors provided a population living under poor hygienic conditions with access to new knowledge about hygiene and information on the transmission of infectious diseases. In the developing world, such information provision could be similarly crucial in preventing the spread of Ebola and other infectious diseases.

• The study is available in the Journal of the European Economic Association.

• Find an Expert-page of Prof. Dr. Erik Hornung

news-18232 Thu, 31 Oct 2019 08:52:35 +0100 Happiness, secularization or the return of religion? https://www.wiso.uni-koeln.de/en/news/news-faculty/happiness-secularization-or-the-return-of-religion/ Public lecture by Prof. em. Dr. Heiner Meulemann A simple answer to the question what makes happy, WiSo educational sociologist Professor em. Dr. Heiner Meulemann (in the current FAZ interview) cannot give either. No one can give a serious answer to this question, but anyone who has been researching life historys and value change for more than 40 years has an expertise that makes him a sought-after authority in his field.

Last but not least, Professor Meulemann has outstanding long-term insight into the changes in political and social attitudes in European countries. With regard to personal happiness, for example, it seems, as he describes in the above-mentioned interview, that people consider internal factors such as diligence and effort to be more important for their success in life than external factors such as happiness or parental care, and that this attitude also remains stable over 40 years.

An interesting lecture can therefore be expected when Heiner Meulemann will give a lecture on "Secularisation or return of religion in Germany, Europe and elsewhere" on 6 November 2019. How this topic area is related to the increasing number of high school graduates and the socially determined differences in the actual access to higher education is one of the questions that the lecture will clarify and which will make sociology an exciting science.

The lecture is part of the public lecture series "100 Years of Sociology". Admission is free.

Event dates:

„Säkularisierung oder Wiederkehr der Religion in Deutschland, Europa und anderswo“ ("100 Years of Sociology" lecture series - Understanding Society - Current Research from the Institute of Sociology and Social Psychology)
Prof. em. Dr. Heiner Meulemann
6 November 2019, from 18:00 - 19:30 o'clock
Lecture hall B (Lecture hall building, Universitätsstraße 35, 50931 Köln)

• Further information on the lecture by Prof. em Dr. Heiner Meulemann (german)

news-18225 Tue, 29 Oct 2019 11:20:43 +0100 Financial Times Masters in Management Ranking 2019: CEMS programme continues to rank number 1 in Germany https://www.wiso.uni-koeln.de/en/news/news-faculty/financial-times-masters-in-management-ranking-2019-cems-programme-continues-to-rank-number-1-in-ger/ Financial Times Masters in Management Ranking 2019: CEMS programme continues to rank number 1 in Germany
In this year's Masters in Management Ranking of the Financial Times (FT), the WiSo Faculty is happy to report two success stories: Worldwide, the Master in Business Administration has improved three places from 63 to 60 - the best positioning since 2015. Within Germany, we are now in eighth place - and as in recent years, we are once again among the top 10.

The CEMS programme also continues to be the leader in International Management Education in Germany. The entire ranking with the respective sub-categories can be found under http://rankings.ft.com/businessschoolrankings/masters-in-management-2019.

• Information about theFinancial Times Ranking „Masters in Management 2019“ (WiSo Faculty)

• Master of Science International Management (CEMS MIM)


news-18220 Fri, 25 Oct 2019 13:17:26 +0200 Bernhard Düttmann takes over as CEO of Ceconomy https://www.wiso.uni-koeln.de/en/news/news-faculty/bernhard-duettmann-takes-over-as-ceo-of-ceconomy/ Supervisory board appointed the WiSo lecturer as CEO. Dr. Bernhard Düttmann is one of the best-known managers in Germany. As a member of the Executive Board (CFO) of Beiersdorf AG and (CEO) of LANXESS AG, he has already led companies into the DAX twice. Over the course of his career, the experienced financial expert has also proven himself (among other things) in the fields of human resources, intercultural management and organizational development.

Bernhard Düttmann has not only remained associated with the WiSo Faculty as a keynote speaker. Since 2015, he has regularly conducted practical seminars for master students (Business Projects Master Courses) in the areas of Supply Chain Management and Corporate Development. Herewith, as with his former position on the advisory board, he supports the close interaction of science and practice.

Since 17 October, Bernhard Düttmann has now taken over the executive chair at Düsseldorf-based Ceconomy AG - known primarily as the parent company of the electronics retail chains Media Markt and Saturn. In an extraordinary meeting, the supervisory board appointed Mr. Düttmann, member of the supervisory board, as Chairman of the Management Board (CEO) for a period of twelve months. At the same time, he also became the Group's Labour Relations Director and is responsible for the Group's strategy as well as human resources.

belong and which will ensure the implementation of the strategy. S. o.  We congratulate him on his new, challenging and responsible role and look forward to an exciting exchange of practical experience for our Master's students at the Business Projects seminars.

• Dr. Bernhard Düttmann’s CV (WiSo-Supply Chain Management Area)

news-18218 Thu, 24 Oct 2019 16:16:21 +0200 100 years of sociology in Cologne https://www.wiso.uni-koeln.de/en/news/news-faculty/100-years-of-sociology-in-cologne/ The ISS celebrates its 100th anniversary Anyone facing the task of shedding light on the history of the Institute of Sociology and Social Psychology (ISS) at the University of Cologne has a great deal of work to do. The Institute is the first academic institution in Germany that dedicates itself exclusively to the social sciences and to sociology in one of three departments. The panel discussion on the 100th anniversary of the Institute not only dealt with the past, but also with the future of sociology.

Under the title "Kölner Schule(n) und die Zukunft der Soziologie" ("Cologne School(s) and the Future of Sociology"),

  • Dr. Nicole Hiekel (ISS),
  • Prof. Dr. Clemens Kroneberg (ISS),
  • Prof. em. Dr. Dr. h.c. Renate Mayntz (Max Planck Institute for the Study of Societies),
  • Prof. Dr. Hans-Peter Müller (Humboldt-Universität zu Berlin; board member of the German Sociological Association) and
  • Dr. Eckard Kämper (Programme Director of the German Research Foundation)

discussed the following topics: Is there a Cologne School of Sociology and which traditions have been preserved? How does sociology react to current social challenges? What about the professionalization of sociology and its media presence?

In addition, the numerous guests of the anniversary celebration "100 Years of Sociology in Cologne" had enough time to celebrate the long-standing existence of sociological research and teaching in Cologne. The welcoming speeches were held by Prof. Dr. Michael Wagner, head of the research project "100 Years of Sociology in Cologne" and the Dean of the Faculty of Management, Economics and the Social Sciences, Prof. Ulrich Thonemann, PhD. After the podium event, a poster exhibition provided an in-depth insight into the history of the ISS. A collection of interviews and film excerpts impressively showed the great social impact that Cologne's sociology has had in the course of its history.

Those who want to convince themselves of the topicality and diversity of the research topics of the ISS have the opportunity to do so not least at the lecture series “Understanding Society - Current Research from the Institute of Sociology and Social Psychology”. The next lecture in the series will be given on Wednesday, 30 October 2019 (18:00-19:30) by ISS Professor Marita Jacob, who will speak on "Social Inequality and Educational Opportunities". Participation is free of charge.

• Information and pictures of the anniversary celebration "100 Years of Sociology in Cologne" are available on the ISS website.

news-18093 Mon, 07 Oct 2019 16:01:47 +0200 Did you know that the local extent of ethnic stratification across secondary schools affects whether minority students identify as German and how they are integrated into the school class? https://www.wiso.uni-koeln.de/en/news/news-faculty/did-you-know-that-the-local-extent-of-ethnic-stratification-across-secondary-schools-affects-whether-1/ New study by Clemens Kroneberg and Hanno Kruse At the end of primary school, parents and children in Germany are faced with the choice of a type of secondary school; early differences in performance often prevent immigrants and their descendants from attending a high-track school (Gymnasium). WiSo researchers Hanno Kruse and Clemens Kroneberg (Institute of Sociology and Social Psychology (ISS)) investigated the effects of such unequal school transitions in a study forthcoming in the American Journal of Sociology. The study, which was carried out as part of the ERC project SOCIALBOND, combines administrative spatial data on all secondary schools in Germany with extensive survey data on identities and friendship networks.

The remarkable result: Ethnic inequality in access to high-track schools affects not only the educational trajectories of immigrant students, but also their identities and social relationships with their classmates.

In areas where adolescents with a migration background rarely attend high-track schools, their attendance at these schools is associated with assimilative tendencies: Minority students show a much greater willingness to identify as German and these feelings are more relevant for their friendships with majority students. In turn, majority students also tie their acceptance of minority students to the latter’s identification with the majority group. Hence, in areas with strong ethnic stratification, educational placement is strongly associated with identification and friendship formation.

In areas where adolescents with an immigrant background are also well represented at high-track schools, this coupling of educational advancement and boundary crossing is absent: Minority students have no increased tendency to feel German and identification as German is also less relevant for cross-group friendships.

In brief, high-track schools appear to function as "schools of the nation" in ethnically stratified areas, whereas they tend to be "schools of diversity" in which the question of identification as Germans is less important in areas with greater educational equality. At the same time, however, the belonging of minority youth is not only a question of the local context: For Muslim minority students, Kruse and Kroneberg found no heightened inclination to identify as German – even in local contexts that are particularly conducive to crossing the native-immigrant boundary.

• All contributions from the series "Did you know that...?" can be found on the website of the Institute for Sociology and Social Psychology (ISS)

news-18082 Fri, 04 Oct 2019 14:03:25 +0200 Men with Turkish names are disadvantaged in online carpooling https://www.wiso.uni-koeln.de/en/news/news-faculty/men-with-turkish-names-are-disadvantaged-in-online-carpooling/ WiSo experiment proves discrimination on online platforms An experiment conducted by the University of Cologne on one of the largest Internet platforms for carpooling in Germany has found clear discrimination on the basis of ethnicity and gender. Young Turkish men, in particular, are discriminated against by drivers on carpooling platforms. The study entitled "Who can ride along? Discrimination in a German carpooling market" was published in the magazine "Population, Space and Place".

Carpools are inexpensive alternatives for people who want to cover medium to long distances independently of public transport, even without their own car. In a joint study by the Institute of Sociology and Social Psychology (ISS), University of Cologne, Dr. Sarah Carol, Daniel Eich, Michèle Keller, Friederike Steiner and Katharina Storz investigated the question of whether users of online car-sharing platforms are treated differently on the basis of their ethnicity and what role gender plays in this context.

For the study, the team created four fictitious profiles that were used to write to male drivers. The invented user names of a man and a woman sounded German, the other two Turkish. The age of the fictitious users was in their mid-twenties. A total of 925 contacts were checked and the likelihood of the potential passengers being accepted, the response time and the order of answers were examined.

The experiment revealed clear discrimination based on ethnicity and gender. Women with German-sounding names had an advantage over their male and especially over Turkish male users. There were signs of discrimination, both in terms of acceptance and order of response. There were no corresponding differences in response time, suggesting that drivers send confirmations as quickly as refusals. Approximately 71 percent of women with German names received a pledge, compared to only 44 percent for men with Turkish names. Men with German names and women with Turkish names received the same number of confirmations (60 percent).

Looking at the Germany-wide distribution of discrimination, the study shows that users with Turkish-sounding names in eastern Germany are not discriminated against more strongly in the case of online car-sharing opportunities than in the west. Dr. Sarah Carol explains this lack of east-west disparities as follows: "At first glance, this result is surprising, as the eastern part of Germany showed a higher level of xenophobia, especially towards Muslims, which includes a large part of the Turkish minority. One reason for this unexpected result could be that the drivers differ from the average population in their attitudes and may be more open to people from other groups. In addition, carpooling was more established in some former socialist countries."

In order to avoid discrimination on the basis of ethnic origin and gender, the researchers suggest making enquiries from potential passengers more anonymous in the future. "Otherwise, the existing discrimination will be continued. In order to avoid this, it is important to counteract with possibilities of anonymisation," says Sarah Carol.

• The Study:
Carol, Sarah, Daniel Eich, Michèle Keller, Friederike Steiner and Katharina Storz: Who can ride along? Discrimination in a German carpooling market. Population, Space and Place

news-18018 Tue, 17 Sep 2019 13:28:00 +0200 We congratulate Prof Dr Andreas Fügener https://www.wiso.uni-koeln.de/en/news/news-faculty/we-congratulate-prof-dr-andreas-fuegener/ New Professor for Supply Chain Management appointed The WiSo Faculty welcomes Professor Dr. Andreas Fügener as new Professor for Digital Supply Chain Management. Professor Fügener is already well known in the faculty. Since 2016 he has been Assistant Professor at the Department of Supply Chain Management and Management Science. Dean Ulrich W. Thonemann, himself seminar director at the department, congratulated his colleague on behalf of the WiSo Faculty.

Also in the university public many know Mr. Fügener from the multimedia online lecture "Einführung in die Betriebswirtschaftslehre" („Introduction to Business Administration“), an innovative and successful course with more than thousand students in 4 semesters.

Before his time in Cologne, Andreas Fügener, who received his doctorate from the Technical University of Munich, already gained teaching and research experience at the Augsburg Chair for Health Care Operations/Health Information Management. His research focuses on capacity problems in health care (especially personnel planning) and behavioural aspects in operations management.

For several years he also worked in management consulting. His research is also practice-oriented, he was a finalist in the Euro Excellence in Practice Award 2016.

• Andreas Fügener in Find an Expert

news-18009 Fri, 13 Sep 2019 14:46:55 +0200 Innovation management study awarded https://www.wiso.uni-koeln.de/en/news/news-faculty/innovation-management-study-awarded/ We congratulate Fabian J. Sting to the Jürgen Hauschildt Award 2019! "The award honors empirical work on innovation management of excellent scientific quality that deals with a relevant problem." This is the award criteria for the Jürgen Hauschildt Prize, which the Verband der Hochschullehrer für Betriebswirtschaft (VHB) awards every autumn for the "best scientific publication on empirically founded innovation management".

This year, Prof. Dr. Fabian J. Sting can be pleased about the recognition by his colleagues. Prof. Dr. Sting, from the Supply Chain Management Area of the WiSo Faculty, was awarded for the work published jointly with Prof. Dr. Christoph Fuchs and Prof. Dr. Oliver Alexy from the Technical University Munich and Dr. Maik Schlickel (Nobilia GmbH, Gütersloh): The Ideator's Bias: How Identity-induced Self-efficacy Drives Overestimation in Employee-driven Process Innovation.

In their study, the researchers investigated how it can happen that ideators in a company do systematically err in predicting the value of their own innovation idea and why certain ideas are more prone to biased evaluations than others.

Biased idea evaluations are closely related to the self-efficacy that an ideator within a company can derive from its specific role and social identity. It is therefore a situation-specific perspective from which overconfidence in innovation ideas result. Fabian J. Sting and his colleagues tested this research prediction on the basis of one of a corporate dataset on process innovations and their valuations. Furthermore, they triangulated the predicted mechanism. Through a series of additional interviews and four scenario-based experiments, they were able to exclude alternative explanations.
The researchers found that ideas from employees at a higher (vs. lower) organizational level and from employees generating ideas in groups (vs. individually) are more prone to an ideator’s bias. The situation-specific, identity-based approach was thus confirmed.

The findings have important practical consequences for companies and organizations. in a real-life organizational context, the findings make it easier to predict when an ideator’s bias prevails. At the same time, the results raises caution about some current proxies to identify high-potential ideas (e.g., of groups whose creativity may be viewed), because the understanding of the true value of ideas is essential for a companies' innovation success.
WiSo Dean Ulrich W. Thonemann congratulated Professor Sting and also the entire WiSo Faculty is pleased about the participation in the “best scientific publication of the year on empirically based innovation management”.

• The study is published in the Academy of Management Journal
• Prof Dr Fabian J. Sting’s find an expert-page

news-18007 Thu, 12 Sep 2019 14:13:04 +0200 "Ein starker Händedruck schadet nie" https://www.wiso.uni-koeln.de/en/news/news-faculty/ein-starker-haendedruck-schadet-nie/ Interview with WiSo-Alumna Diana zur Löwen Successful since 2012 as an influencer with a focus on fashion, beauty and lifestyle, WiSo-Alumna Diana zur Löwen (Bachelor of Business Administration) recently attracted attention for her commitment to women's empowerment and "Europe". Lorraine Hoffmann spoke for us with Diana about her commitment and her studies at the University of Cologne.

The whole interview (only in german available) can be found on our alumni pages.

news-17997 Tue, 10 Sep 2019 11:33:08 +0200 Prof. Dr. Rainer Minz honoured https://www.wiso.uni-koeln.de/en/news/news-faculty/prof-dr-rainer-minz-honoured/ WiSo Dean Ulrich W. Thonemann awards honorary professorship to Dr. Rainer Minz We cordially congratulate Dr. Rainer Minz on his appointment as honorary professor at the WiSo faculty of the University of Cologne on August 8, 2019.

Rainer Minz has been committed to the faculty for more than 30 years. First, after his doctorate in the winter term of 1987, for five years as a lecturer at the University of Cologne. He interrupted this activity when he joined the Boston Consulting Group (BCG) as a manager in 1991.

After 25 years of successful service, he left BCG in April 2015 as Senior Partner. Rainer Minz, still a Senior Advisor to the global management consultancy, was now able to return to his Alma Mater to reactivate his teaching position at the Wiso Faculty.
In October 2017, he also assumed the role of Rectorate Representative for Alumni, Fundraising and Transfer. In this function, he has achieved considerable success for our university in recent years. Our alumni membership, for example, has since grown by around 4,000 to over 60,000.

In fundraising, Rainer Minz played a key role in the establishment of the new Cologne University Foundation, which now has a donation volume of around 40 million euros. He played a decisive role in the orientation of the transfer strategy towards the establishment of start-ups by students and doctoral candidates. In 2015 the university opened its "Gateway" incubator, co-founded the Cologne digital hub in 2016 and InsurLab Germany in 2017. In January 2019, the University of Cologne received a grant of around 25 million euros as "Excellence Startup Cluster NRW"  by NRW Innovation Minister Andreas Pinkwart, distributed over five years. The University of Cologne and the WiSo Faculty in particular have thus become an essential factor in the booming Cologne start-up ecosystem.

Consequently, Rainer Minz also shifted his teaching activities from auditing to strategic management and entrepreneurship. With these topics in mind, he now works for the new Endowed Chair for Interdisciplinary Management Science (Prof. Schwens), as well as for the Executive Business School.

On the initiative of the university, after 10 years of teaching, Dr. Rainer Minz has now been nominated for an honorary professorship. The title was officially awarded to him by the Dean of the Faculty of Economics and Social Sciences, Prof. Dr. Ulrich Thonemann, on 3 September 2019. "I am very pleased about this award and thank you very much for the trust you have placed in me," said the newly appointed Prof. Dr. Rainer Minz.

Master students can attend Prof. Minz's Englisch held courses in English at the Business School (winter term) and as a Business Project Course called "Build your own Business" in the summer term. "It is enriching to teach young people the entrepreneurial skills they need today, even in companies," says Prof. Dr. Rainer Minz. "In this way we support the Cologne start-up ecosystem and can differentiate ourselves from other universities.

• Rainer Minz - curriculum vitae (Cologne University Foundation)

news-17994 Mon, 09 Sep 2019 12:55:33 +0200 New at the WiSo Faculty: Professor Francesco Giovanardi https://www.wiso.uni-koeln.de/en/news/news-faculty/new-at-the-wiso-faculty-professor-francesco-giovanardi/ Dean Ulrich W. Thonemann welcomes new faculty member The WiSo faculty is pleased to announce an addition. Since September 1 Professor Francesco Giovanardi is appointed Assistant Professor at the Center for Macroeconomic Research (CMR). In addition to the CMR, Francesco Giovanardi will support the cluster of excellence ECONtribute. Dean Ulrich W. Thonemann welcomed the new professor to the WiSo Faculty.

The research interests of Professor Giovanardi, who obtained his Ph.D. in 2019 at Università Commerciale Luigi Bocconi in Milan, lie in the fields of applied macroeconomics, with a focus on monetary economics and time series econometrics.

Dr. Giovanardi has taught courses for doctoral and master students at Bocconi University and the University of Milan on an ongoing basis and can therefore already rely on some teaching experience. Through non-academic activities, including a stay at the European Central Bank in Frankfurt, he has already gained experience in "practice", which can enrich his research at the WiSo Faculty.

• Find an Expert: Jun. Prof. Francesco Giovanardi


news-17981 Wed, 04 Sep 2019 14:02:00 +0200 The Gender Gap in Wage expectations https://www.wiso.uni-koeln.de/en/news/news-faculty/the-gender-gap-in-wage-expectations/ New study highlights the wage gap in people's minds. Even before completing their studies, young women expect to earn significantly less than their male counterparts and these differences in expectations likely translate into actual earnings differentials. This is the conclusion reached by a research team led by WiSo professor Pia Pinger in a recent study.

While female students expect an average starting salary of around 33,400 euros, male graduates expect significantly higher sums of just over 39,000 euros. The gap in wage expectations is thus surprisingly close to the real wage differences. For their study, the researchers evaluated data from 15,348 students and 1,155 graduates.
Male-female wage expectations with regard to professional careers diverge even before graduation. For example, the wage that men expect to earn on average after only nine years of employment almost equals the salary that women expect as the highest wage of their entire career (49,000 euros after nine years for male students compared to a max of 51,000 euros for female students).
The study revealed that women's lower income expectations were almost independent of the subject of study. Confidence in one's own abilities proved largely unimportant as did exposure to different wage gaps in actual labour market.
The results of the study rather suggest that, in addition to the selection of occupations and sectors, different negotiation styles of men and women translate into expected wage differences. In prospective wage negotiations, women mostly plan to ask for a wage close to their reservation wage. In contrast, male students pose higher initial demands leaving more room for negotiation. A bolder negotiating style among male career starters thus seems to pay off.
In the opinion of the scientists, targeted negotiation trainings for women could, therefore, be a means to close the wage gap in people's minds and in reality. In addition, they conclude that it might be more promising, to inform women about the actual wage gap and about child-related wage penalties, than to encourage women to enter male-dominated fields, where relative wage differences are larger. This could motivate young women to negotiate a more equal distribution of child rearing responsibilities in a world where expectations seem to affect reality more than vice versa.

IZA working paper No. 12522: Gender Differences in Wage Expectations: Sorting, Children, and Negotiation Styles

news-17964 Thu, 29 Aug 2019 09:49:12 +0200 Welcome to Jun. Prof. Dr. Chitralekha Basu! https://www.wiso.uni-koeln.de/en/news/news-faculty/welcome-to-jun-prof-dr-chitralekha-basu/ Dean Ulrich W. Thonemann welcomes new Assistant Professor at the WiSo Faculty From September 1, 2019, Prof. Dr. Chitralekha Basu officially belongs to the WiSo Faculty of the University of Cologne. She will be Assistant Professor for Empirical Democratic Theory at the Cologne Centre for Comparative Politics. Prospectively she will also support the excellence Cluster of Excellence ECONtribute. On Monday, Dean Prof. Dr. Ulrich W. Thonemann welcomed Professor Basu on behalf of the entire WiSo Faculty and and presented her with the certificate of appointment.

Chitralekha Basu has written her dissertation after completing her studies in Oxford and Cambridge, and doctoral training at the University of Rochester (NY). She gained her first experience in teaching there, mainly by leading summer school courses and graduate seminars. Most recently, Basu worked as a Postdoctoral Researcher at the Universitat de Barcelona.

Her research focuses on the relationship between political parties and public opinion and its impact on the electoral process. She has also studied the development of the party system in historical and contemporary democracies. She has received numerous awards for her work, most recently the James B. Christoph Prize from the British Politics Group organized section of the American Political Science Association.

We are delighted that the WiSo Faculty has won Chitralekha Basu and wish her a successful start.

news-17666 Tue, 30 Jul 2019 16:50:05 +0200 Refurbishment of the WiSo building starting October 2019 https://www.wiso.uni-koeln.de/en/news/news-faculty/refurbishment-of-the-wiso-building-starting-october-2019-1/ Changes in WiSo‘s working and teaching environment starting October 2019 Dear users and visitors of the WiSo building,
From October 2019, the WiSo main building and the flat wing (connection to the main university building) will be renovated. The renovation will bring about some changes in WiSo‘s working and teaching environment. We have put together a summary on the follwing webpage to give you an overview of the planned measures and changes.

news-17633 Tue, 23 Jul 2019 16:14:37 +0200 A warm welcome to all our first semester students! https://www.wiso.uni-koeln.de/en/news/news-faculty/a-warm-welcome-to-all-our-first-semester-students-1/ All information about the start of your studies We are very pleased that you have decided to study at the Faculty of Management, Economics and Social Sciences (WiSo-Fakultät). You can look forward to exciting studies at one of the most renowned faculties of management, economics and social sciences in an attractive and vibrant city.
All important information about the start of studies for „WiSo-Erstis“ at a glance is available on our website. As a bachelor students you will find information on preliminary courses, module recommendations for the 1st semester, a sample courseplan and explanatory video tutorials as well as further tips on starting studies for all students. The programme for the Master's Welcome Days is provided here.

If you have any further questions concerning your studies, please feel free to contact our study advisors of the WiSo Student Service Point. We would be pleased to inform you about our advisory and service offers.

See here what you can expect from us:

Bachelor studies: https://www.youtube.com/watch?v=kawnbIZGFSI&feature=youtu.behttps%3A%2F%2Fyoutu.be%2FkawnbIZGFSI

Master studies: https://www.youtube.com/watch?v=AFsItVNxUW0&feature=youtu.be




news-17558 Wed, 03 Jul 2019 14:19:48 +0200 "Ethics Advisory Board HR-Tech" presents guidelines for the responsible use of Artificial Intelligence (AI) in HR management https://www.wiso.uni-koeln.de/en/news/news-faculty/ethics-advisory-board-hr-tech-presents-guidelines-for-the-responsible-use-of-artificial-intelligen/ Prof Dr Bernd Irlenbusch made a significant contribution to the definition of these guidelines as a member of the committee. Artificial intelligence changes the work environment of the present and the future. The use of robots and intelligent machines is constantly increasing. In order to facilitate the ethical use of artificial intelligence in HR work for employers and companies, the so-called "Ethics Advisory Board HR-Tech" presented a draft for guidelines for the responsible practice-oriented use of artificial intelligence (AI) in HR management last week.

Prof Dr Bernd Irlenbusch from the Seminar for Business Administration, Corporate Development and Economic Ethics made a significant contribution as a member of the committee towards the definition of these guidelines and significantly shaped the discourse on the framework conditions for AI in HR work in Germany. The guidelines define, for example, the transparent use of AI as well as their liability and responsibility in human resources work. In addition, it is intended to ensure that people keep decision-making authority for important issues in HR.
More information can be found here in the press release of the Ethics Advisory Board HR-Tech at https://www.hkp.com/article/425 and in the article of the F.A.Z. https://www.faz.net/aktuell/beruf-chance/beruf/neuer-ethikbeirat-wenn-computer-bewerber-auswaehlen-16257834.html.

news-17546 Tue, 02 Jul 2019 08:29:13 +0200 Did you know that resisting temptations makes certain persons more satisfied than others? https://www.wiso.uni-koeln.de/en/news/news-faculty/did-you-know-that-resisting-temptations-makes-certain-persons-more-satisfied-than-others-1/ New study published by Erik Hölzl, Michail Kokkoris and Carlos Alós-Ferrer. Many decisions in everyday life require self-control. Should one eat the delicious dessert although one tries to lose weight? Should one buy a beautiful piece of clothing although one wants to save money? In such situations, people face a temptation and they can decide to resist or to give in. Which decision makes more satisfied? And are there systematic differences between people? 
A recently published article by ISS researcher Erik Hölzl and his colleagues Michail Kokkoris and Carlos Alós-Ferrer studied the satisfaction with decisions to resist a temptation or to give in. The results from 11 studies with over more than 3000 participants showed that individual differences in the dimension of ‘lay rationalism’ play a crucial role. Lay rationalism captures the tendency to rely primarily on reasons rather than on feelings when making a decision. In decisions to resist a temptation, participants high on lay rationalism reported being more satisfied than those low on lay rationalism. However, in decisions to indulge a temptation, participants low on lay rationalism were more satisfied than those high on lay rationalism. This effect was due to perceived authenticity, i.e., the impression to act in line with one’s ‘true self’. The results indicate that self-control and restraint not always lead to higher satisfaction, but that it matters what a person sees as a legitimate basis for decisions. 

news-17535 Fri, 28 Jun 2019 12:00:23 +0200 WiSo Slogan Contest https://www.wiso.uni-koeln.de/en/news/news-faculty/wiso-slogan-contest/ We appreciate your particiaption The WiSo faculty is refreshing its mission and vision. We would like to take this opportunity to update our long-standing faculty slogan "Innovation for society". Any person who is or feels related to the WiSo faculty is welcome to participate. Find out more about the voting process and submit your own suggestions for a slogan that will present us as WiSo both internally and externally: www.wiso.uni-koeln.de/en/faculty/profile/wiso-slogan-contest/

news-17240 Mon, 08 Apr 2019 09:17:46 +0200 Klassenunterschiede und Populismus: Journalist Michael Seemann eröffnet Vortragsreihe https://www.wiso.uni-koeln.de/en/news/news-faculty/klassenunterschiede-und-populismus-journalist-michael-seemann-eroeffnet-vortragsreihe/ Fortführung der Debatten-Reihe „Wahrheit, Populismus, Internet“ Menschen, die im Privaten der Globalisierung positiv gegenüberstehen, erleben Populismus anders. Das ist eine Kernthese des Medienwissenschaftlers, Bloggers und Journalisten Michael Seemann über die „Globale Klasse“, über die er am 11. April in der öffentlichen Debatten-Reihe „Wahrheit, Populismus, Internet – Recht und Regulierung im digitalen Zeitalter“ sprechen wird. Die Presse sowie alle Bürgerinnen und Bürger sind herzlich zur Veranstaltungsreihe eingeladen.




Donnerstag, 11. April 2019, 18:00 Uhr
„Die Globale Klasse: Impuls-Vortrag von Michael Seemann in der Reihe Wahrheit, Populismus, Internet“
Universität zu Köln, Hörsaalgebäude, Hörsaal D, Universitätsstr. 35, 50923 Köln

„Recht und Regulierung im digitalen Zeitalter“ im Sommersemester 2019 ist die Fortsetzung der Reihe „Fake News und Macht im digitalen Zeitalter“, die im letzten Semester sehr erfolgreich angelaufen war und im WDR3, dem Kulturpartner der Universitäts- und Stadtbibliothek, übertragen wurde. So drehen sich die Veranstaltungen nun um die Konstellationen neuer populistischer Kommunikation und der Frage nach Regulierung, Regulierbarkeit, Regulierungsbedarf und Überregulierung im Internet.

Weitere Termine:
Montag, 13. Mai 2019, 18:00 Uhr
„Rattenfänger, Lügner, Demokraten? Populistische Kommunikation in neuesten Medien (Podiumsdiskussion)“
Universität zu Köln, Seminargebäude, Tagungsraum im Erdgeschoss, Universitätsstr. 37, 50923 Köln

Montag, 1. Juli 2019, 18:00 Uhr
„Regeln für Facebook & Co? Gesetze, Konventionen und Bedingungen für die neue Mediengesellschaft (Podiumsdiskussion)“
Universität zu Köln, Seminargebäude, Tagungsraum im Erdgeschoss, Universitätsstr. 37, 50923 Köln

Die Reihe wird gemeinsam von der Universitäts- und Stadtbibliothek Köln, dem Institut für Medienkultur und Theater, dem Center for Data and Simulation Science, dem Institut für Digital Humanities und dem Dezernat für Kommunikation und Marketing der Universität zu Köln veranstaltet. Initiatoren sind der Medienkulturwissenschaftler Professor Dr. Stephan Packard und Bibliotheksdirektor Dr. Hubertus Neuhausen.

Stephan Packard sagt: „In der Angst vor populistischen Bewegungen und technisch verbreiteter Desinformation, aber auch vor Überwachung, Hate Speech und Gewaltandrohungen sowie vor Verletzungen von Privatsphären, Persönlichkeitsrechten und geistigem Eigentum wird eine dreifache Sorge laut: Dass im Internet ein rechtsfreier Raum entstehe, der nicht mehr gesetzlich zu regulieren sei; dass andererseits und im Gegenteil ein überregulierter Raum entstehe, in denen Gesetzgeber Meinungsfreiheit, Briefgeheimnis und andere Grundrechte nicht mehr achten; oder aber dass der digitale Raum unter den Einfluss neuer Mächte fallen könnte, die aus kommerziellen oder politischen Interessen das Verhalten der Nutzerinnen und Nutzer gegen deren Willen und vielleicht ohne ihr Wissen regulieren.“ Über diese Ängste soll es in der Veranstaltungsreihe gehen.

news-17124 Wed, 13 Mar 2019 14:00:28 +0100 Versorgungsketten nach einem Brexit: Teurere Produkte und Lieferverzögerung drohen https://www.wiso.uni-koeln.de/en/news/news-faculty/versorgungsketten-nach-einem-brexit-teurere-produkte-und-lieferverzoegerung-drohen/ Interview mit Andreas Fügener Ein No-Deal Brexit, also ein Austritt Großbritanniens aus der Europäischen Union, rückt näher.

Wie sich das auf die Lieferkette von Produkten auswirken kann, erklärt Jun-Prof. Dr. Andreas Fügener, Supply Chain Management-Experte an der Universität zu Köln, im folgenden Gespräch:

Presseinformation der Universität zu Köln vom 13. 3. 2019

news-16987 Tue, 12 Feb 2019 11:38:29 +0100 Winners of the "Junior Teaching Prize" for the spring term 2018 https://www.wiso.uni-koeln.de/en/news/news-faculty/winners-of-the-junior-teaching-prize-for-the-spring-term-2018/ The prize honors the implementation of excellent teaching The winners of the Junior Teaching Award were honoured at this year's Bachelor Examination Ceremony. This year's prizewinners are Dr. Michael Schwan, who was awarded the Junior Teaching Prize of the WiSo Faculty for his Bachelor course "Political Economy of the Federal Republic of Germany" in the spring term 2018. The award also goes to Mr. Dennis Walheiser for the seminar "Gründungsplansspiel". Both received the award for the implementation of excellent teaching in the category "Events with up to 50 participants". 

In the category "Events with more than 50 participants", we can congratulate Jun.-Prof. Dr. Peter Limbach, who received the Junior Teaching Award for his lecture "Corporate Governance".

You can find the photos of the event in the category WiSo-Alumni on our website.

news-16976 Fri, 08 Feb 2019 10:11:37 +0100 Soziologischer Aschermittwoch https://www.wiso.uni-koeln.de/en/news/news-faculty/soziologischer-aschermittwoch/ Mit Hartmut Esser, Thomas Hinz, Stefan Hirschauer, Stephan Lessenich und Monika Wohlrab-Sahr Vor 100 Jahren wurde in Köln das erste Forschungsinstitut für Sozialwissenschaften in Deutschland gegründet. Neben einer Reihe anderer Veranstaltungen zum 100jährigen Jubiläum findet aus diesem Anlass am 6. März 2019 der erste „soziologische Aschermittwoch“ statt. Bezugspunkt dieser öffentlichen Diskussionsveranstaltung ist die aktuelle Auseinandersetzung um die zukünftige Ausrichtung der Soziologie und den Umgang mit der dieses Fach kennzeichnenden Vielfalt an Ansätzen, Methoden und Wissenschaftsverständnissen.

Wie kritisch kann und soll die Soziologie sein?
Hintergrund ist die Gründung der sog. „Akademie für Soziologie“, die teilweise als Konkurrenz zur „Deutschen Gesellschaft für Soziologie“ wahrgenommen wird. Dabei wird gerade das Verhältnis von empirisch-analytischer Soziologie – die häufig als Kern der sog. „Kölner Schule“ angesehen wird – zu anderen Ansätzen kontrovers diskutiert: Wie kritisch oder wertneutral kann und soll die Soziologie sein? Wie positioniert sie sich im Verhältnis zu Nachbardisziplinen? Welche methodischen Standards sind einzuhalten und wie kann die Soziologie der lauter werdenden gesellschaftlich-politischen Polemik gegenüber wissenschaftlicher Erkenntnis entgegentreten?

Der von Professor Clemens Kroneberg (Institut für Soziologie und Sozialpsychologie) und der Hochschulgruppe Sozialwissenschaften organisierte „soziologische Aschermittwoch“ soll diese Diskussion in Köln gerade auch für Studierende sichtbar machen. Hierzu kommen am 6. März 2019 zentrale Figuren dieser Diskussion und bekannte Fachvertreter*innen nach Köln.

Den Anfang machen zwei Impulsvorträge von Thomas Hinz (Konstanz) und Stephan Lessenich (München), die anhand konkreter Beispiele veranschaulichen werden, was Soziologie ihrer Ansicht nach (nicht) leisten kann und sollte. Daran an schließt eine 90minütige Podiumsdiskussion, an der neben den beiden Referenten Hartmut Esser (Mannheim), Stefan Hirschauer (Mainz) und Monika Wohlrab-Sahr (Leipzig) teilnehmen werden. Auch für das Publikum besteht die Möglichkeit sich in die Diskussion einzubringen. Der soziologische Aschermittwoch ist einem offenen, kontroversen Austausch verpflichtet und wird im besten Fall sowohl lehrreich als auch unterhaltsam sein.

Bitte registrieren Sie sich vorab kostenlos für die Veranstaltung über die folgende Webseite: Eventbrite

news-16846 Tue, 22 Jan 2019 14:30:47 +0100 Jan Recker research-strongest business economist below 40 years https://www.wiso.uni-koeln.de/en/news/news-faculty/jan-recker-research-strongest-business-economist-below-40-years/ Ranking by WirtschaftsWoche Professor Jan Recker from the University of Cologne is the most successful business economist below the age of 40 in the German-speaking world according to a current weekly economic ranking. His research focuses on the design of information systems and digital innovations. According to Recker, the aim here is to understand man and machine equally and to bring them together in research. In his most recent publication, he addresses the connection between digitalization and sustainable corporate development. Recker explains to WirtschaftsWoche that this is important because IT is one of the biggest resource guzzlers of our time.

More about the ranking (in German): Jan Recker: Wie tickt der Jungstar der BWL? (WiWo, 21.1. 2019)

Further information about the person: Jan Recker bei "Find an Expert"

news-16842 Tue, 22 Jan 2019 11:41:54 +0100 Committee elections from 22.01. to 24.01. https://www.wiso.uni-koeln.de/en/news/news-faculty/committee-elections-from-2201-to-2401/ Elections to the senate, to the gender equality commission and to the Faculty Council From today, 22.01., until Thursday, 24.01., the elections for the senate, the gender equality commission and the Faculty Council will take place.

Employees of the University of Cologne can cast their votes from 9 a.m. to 4 p.m. in room 20 (Fakultätssitzungssaal) in the WiSo-Schlauch.

You can view the individual candidates on the election lists here: Announcement of the candidates for the elections from 22.01. to 24.01.2019

news-16829 Thu, 17 Jan 2019 14:23:05 +0100 Honorary Professorship for Dr. Christian Glasmacher https://www.wiso.uni-koeln.de/en/news/news-faculty/honorary-professorship-for-dr-christian-glasmacher/ Appointment by the Institute of Trade Fair Management of the University of Cologne We congratulate Dr. Christian Glasmacher: On 16 January 2019 he was awarded the title of Honorary Professor. For 12 years he has been a lecturer at the Institute for Trade Fair Economics at the University of Cologne, which Koelnmesse co-founded in 1999. As a member of Koelnmesse's Executive Board and Head of Corporate Development, he acts as an interface between the institute and the company.

On the occasion of Koelnmesse's 75th anniversary in the summer of 1999, the Institute for Trade Fair Management was founded jointly with the University of Cologne and affiliated to the Faculty of Economics and Social Sciences. This was the first German institute for trade fair management at university level. "I am proud of our years of successful cooperation with the university. Koelnmesse's involvement enables students to gain a direct insight into the trade fair business through lectures by renowned speakers and visits to trade fair events," explains Gerald Böse, CEO of Koelnmesse.

On the initiative of the university, Dr. Christian Glasmacher has now been nominated for an honorary professorship after 12 years of teaching. He was officially awarded the title at a ceremony held at the university by the Dean of the Faculty of Economics and Social Sciences, Prof. Dr. Werner Mellis. "I am very pleased about this award and thank you very much for the trust you have placed in me," said the newly appointed Prof. Christian Glasmacher.

Bachelor students at the Institute of Trade Fair Management can take the focus specialization module Trade Fair Management as one of two profile groups in the Bachelor's programme, in which Prof. Glasmacher holds the two courses "Strategic Trade Fair Management" and "Operative Trade Fair Management". "It is enriching to prepare young people for their professional careers and to take the opportunity to introduce young talents to the trade fair business. In this way, we provide targeted support for education and science in Cologne and at the same time promote the next generation of managers in our industry," adds Prof. Glasmacher.

Unique training opportunities at the trade fair institute

Since 1999, the institute has been supervising the bachelor's degree specialization module "Trade Fair Management", conducting basic and applied research on trade fair-related topics and promoting the implementation of scientific results in practice.

The university education of executives for the trade fair industry as it is lived at the University of Cologne is unique. The institute sees itself as an interface between theory and practice: every year, numerous Koelnmesse employees are involved as guest lecturers and thus ensure optimal practical relevance in addition to theory. Since the institute was founded, more and more students have attended the institute's lectures and have given it above-average valuation in surveys. And a number of graduates have long been active in key positions in the trade fair industry throughout Germany and beyond.

news-16479 Tue, 13 Nov 2018 13:11:36 +0100 Joint project "OERinForm" https://www.wiso.uni-koeln.de/en/news/news-faculty/joint-project-oerinform/ Consulting for media and e-learning centres at universities The joint project "OERinForm" provides extensive support for teachers and e-learning centres at the University of Cologne.

You can find the complete article here:
"OER: Netzwerk Medien ist Kompetenzzentrum im Bereich frei zugänglicher Bildungsmaterialien"

news-16404 Mon, 05 Nov 2018 13:43:33 +0100 Trust in the banking system? https://www.wiso.uni-koeln.de/en/news/news-faculty/trust-in-the-banking-system/ An interview with Prof. Thomas Hartmann-Wendels

Bank stress tests, the upcoming US elections for the House of Representatives, low interest rates or digitization: banks currently have many construction sites. But a healthy economic development is based on trust in banks. An interview with Prof. Thomas Hartmann-Wendels from the WiSo Faculty of the University of Cologne about major crises and German banks.

You can find the complete interview here:
"Vertrauen in Bankensystem: „Politischer Radikalismus führt zur Zurückhaltung bei Investitionen“"

About the person
Prof. Dr. Thomas Hartmann-Wendels is Director at the Department of General Business Administration and Banking Management and at the Research Institute for Leasing and Managing Director of the Banking Department at the Institute for Banking Economics and Banking Law at the University of Cologne.