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We analyze the effect of committee formation on how corporate boards perform two main functions: setting CEO pay and overseeing the financial reporting process. The use of performance-based pay schemes induces the CEO to manipulate earnings, which leads to an increased need for board oversight. If the whole board is responsible for both functions, it is inclined to provide the CEO with a compensation scheme that is relatively insensitive to performance in order to reduce the burden of subsequent monitoring. When the functions are separated through the formation of committees, the compensation committee is willing to choose a higher pay-performance sensitivity as the increased cost of oversight is borne by the audit committee. Our model generates predictions relating the board committee structure to the pay-performance sensitivity of CEO compensation, the quality of board oversight, and the level of earnings management.
Inhaltsverzeichnis Liste der wissenschaftlichen Beiträge .................................................................................. III Inhaltsverzeichnis ..............................................................................................................IV Abbildungsverzeichnis I List of Figures ................................................................................ VII Tabellenverzeichnis I List of Tables ..................................................................................... VIII Abkürzungsverzeichnis .......................................................................................................... IX 1 Einleitung 1.1 Problemstellung .............................................................................................................. 1 1.2 Einordnung und Ergebnisse der wissenschaftlichen Beiträge ....................................... 3 Literaturverzeichnis ................................................................................................................ 9 2 Langes Leben und Wohlstand im Alter: Ein Überblick über die finanzwirtschaftlichen Alternativen zur Ausgestaltung des Ruhestandes ... 10 2.1 Einführung .................................................................................................................... 10 2.2 Produktalternativen fiir die Ausgestaltung der Entnahmephase .................................. 12 2.2.1 Leibrenten .......................................................................................................... 12 2.2.1.1 Charakteristika von Leibrenten und deren historische Entwicklung .... 12 2.2.1.2 Leibrentenmarkt und -produkte in Deutschland ................................... 15 2.2.1.3 Determinanten von Leibrentenprämien ................................................ 22 2.2.2 Entnahmepläne ................................................................................................... 28 2.2.2.1 Charakteristika von Entnahmeplänen ................................................... 28 2.2.2.2 Entnahmepläne als Instrument der Ruhestandsplanung ....................... 31 2.2.2.3 Leibrenten vs. Entnahmepläne .............................................................. 33 2.3 Forschungsergebnisse zur Ausgestaltung der Entnahmephase .................................... 36 2.3.1 Einleitende Bemerkungen .................................................................................. 36 2.3.2 Positive Literatur ................................................................................................ 37 2.3.2.1 Theoretische Arbeiten zur Bedeutung von Leibrenten ......................... 37 2.3.2.2 Vererbungsmotive als Erklärungsansatz fiir geringe Nachfrage nach Leibrenten ... 39 2.3.2.3 Kosten als Erklärungsansatz fiir geringe Nachfrage nach Leibrenten .. 42 2.3.2.4 Weitere Erklärungsansätze rur geringe Nachfrage nach Leibrenten .... 44 2.3.3 Normative Literatur ............................................................................................ 47 2.3.3.1 Untersuchungen zu reinen Entnahmeplänen ......................................... 47 2.3.3.2 Untersuchung von Entnahmeplänen unter Berücksichtigung von Leibrenten ..... 50 2.3.4 Sonstige Arbeiten ............................................................................................... 56 2.4 Schlussbetrachtung ....................................................................................................... 57 Anhang A: Berechnung von Leibrentenprämien ................................................................. 59 Anhang B: Abbildung der Biometrie ................................................................................... 62 Literaturverzeichnis .............................................................................................................. 67 3 Betting on Death and Capital Markets in Retirement: A Shortfall Risk Analysis of Life Annuities versus Phased Withdrawal Plans... 76 3.1 Introduction .................................................................................................................. 76 3.2 The Case of Phased Withdrawal .................................................................................. 79 3.2.1 Withdrawal Plans with Fixed Benefits ............................................................... 80 3.2.2 Phased Withdrawal Rules with Variable Benefits ............ : ................................ 80 3.3 Risk and Reward Analysis of Phased Withdrawal Plans Conditional on Survival... ... 82 3.3.1 Research Design ................................................................................................. 82 3.3.2 Analysis of Expected Benefits ........................................................................... 84 3.3.3 Shortfall Risk Analysis ...................................................................................... 86 3.3.4 Analysis of Expected Bequests .......................................................................... 89 3.4 Risk-Minimizing Phased Withdrawal Strategies ......................................................... 90 3.4.1 Optimized Withdrawal Rules in a Risk-Return Context... ................................. 90 3.4.2 Comparative Results: Annuity versus Phased Withdrawal Plans ...................... 92 3.4.3 Phased Withdrawal Plans with Mandatory Deferred Annuities ........................ 97 3.4.4 Comparative Results ........................................................................................ 100 3.5 Summary and concluding remarks ............................................................................. 101 Appendix A: Determining Annuity Benefits ..................................................................... 104 Appendix B: Determining Expected Benefits, Expected Bequest and the Risk of a Consumption Shortfall for Phased Withdrawal Plans with given Benefit-to-Wealth Ratios .......................................................................................................................... 105 References .......................................................................................................................... 107 4 Leistungsgarantien in der Auszahlphase von investmentbasierten Altersvorsorgeverträgen: Entwicklung eines konditionalen Eigenkapitalsystems und Analyse seiner ökonomischen Implikationen ... 111 4.1 Einführung .................................................................................................................. 111 4.2 Altersvorsorgeverträge in der Auszahlphase ............................................................. 114 4.2.1 Gesetzliche Regelungen ................................................................................... 114 4.2.2 Entnahmepläne vs. Leibrenten ......................................................................... 115 4.3 Konditionales Eigenkapitalsystem fiir Altersvorsorgeverträge ................................. 117 4.3.1 Einleitende Vorbemerkungen ........................................................................... 117 4.3.2 Konzeptionelle Grundlagen eines konditionalen EK-Systems ........................ 119 4.3.3 Deduktion eines Eigenkapitalsystems fiir die Entnahmephase ........................ 121 4.4 Eigenkapitalanforderungen in der Entnahmephase .................................................... 126 4.4.1 Vorbemerkungen zur empirischen Untersuchung ............................................ 126 4.4.2 Ex post Analyse von Altersvorsorge-Entnahmeplänen ................................... 128 4.4.3 Untersuchung der Eigenkapitalanforderungen im ex ante Kontext ................. 132 4.4.3.1 Untersuchungsansatz und Modellannahmen ....................................... 132 4.4.3.2 Analysen auf Einzelvertragsbasis ....................................................... 135 4.4.3.3 Analysen im Rahmen eines Geschäfts- und Absatzmodells ............... 140 4.4.3.4 Robustheitsanalysen ............................................................................ 145 4.5 Schlussbetrachtung ..................................................................................................... 147 Literaturverzeichnis ............................................................................................................ 149 Lebenslauf ............................................................................................................................. 151 Ehrenwörtliche Erklärung: ................................................................................................. 154
This thesis is concerned with the derivation of new methods for the analysis of nonstationary, cross correlated panels. The suggested procedures are carefully quantified by means of Monte Carlo experiments. Typical applications of the developed methods consist in multi-country studies, with several countries observed over a couple of decades. The empirical applications implemented here are the testing for trends in the investment share in European GDPs and the examination of OECD interest rates. In the first chapter, a panel test for the presence of a linear time trend is proposed. The test is applicable in cross-correlated, heterogeneous panels and it can also be used when the integration order of innovations is unknown, by means of subsampling. In the next chapter a cointegration test having asymptotic standard normal distributiun and not requiring exogeneity assumptions is derived. In panels exhibiting cross-correlation or cointegration, individual test statistics are asymptotically independent, which leads to a panel test statistic robust to dependence across units. The third chapter examines in an econometric context the simple idea of combining p-values from a series of statistical tests and improves its applicability in the presence of cross-correlation. The last chapter applies recent panel techniques to OECD long-term interest rates and differentials thereof, finding only rather week evidence in favor of stationarity when allowing for cross-correlation.
Die Börsenindustrie hat in den vergangenen zwei Jahrzehnten einen signifikanten Wandel durchlaufen - und das nicht nur in Deutschland. Börsen haben schon längst nicht mehr den Charakter vergangener Tage, in denen ihre Mitglieder auf dem Parkett um Aktienpakete und -kurse von inländischen Unternehmen feilschten und an den genossenschaftlich organisierten Handelsplätzen eher eine vertrauliche Clubatmosphäre herrschte. Eine Vielzahl der Börsen hat den Parketthandel abgeschafft, ist selbst an einer Börse gelistet und orientiert sich primär am Shareholder Value und somit an den Interessen einer internationalen Aktionärsbasis. Mittlerweile existieren Börsenplätze, die mehrere Länder umspannen. Der französisch dominierten Euronext kommt hier eine Vorreiterrolle zu. Aber auch andere Börsen, wie die Deutsche Börse und die Schweizer Börse, haben länderübergreifend ihre Derivatehandelsplattformen vereinigt und mit ihrem Jointventure Eurex die umsatzstärkste Derivatebörse der Welt geschaffen. In jüngster Zeit werden nun auch transatlantische Allianzen zwischen amerikanischen und europäischen Börsen angedacht. Sowohl die Strategie der Nasdaq, die bisher eine Sperrminorität von über 25% an der Londoner Börse hält, als auch die der New York Stock Exchange, die eine Fusion mit der Euronext anstrebt, belegen dies. Zudem stehen Börsen mittlerweile in direktem Wettbewerb mit ihren Kunden und ehemaligen Eigentümern, den Finanzintermediären wie Banken und Wertpapierhäuser. Sie konkurrieren um Wertpapieraufträge von Investoren, da Banken nicht mehr jede Order automatisch an sie weiterleiten. Stattdessen versuchen manche Finanzintermediäre, die erhaltenen Investorenaufträge im eigenen Haus mit einer entsprechenden reziproken Order zusammenzuführen, um somit die Geld-Brief Spanne des Wertpapiers als Gewinn einzubehalten. Diese Internalisierung von Auftragsausführungen ist seit einigen Jahren insbesondere in England und Deutschland eine bedeutende Einkommensquelle für Wertpapierhäuser geworden. Gleichzeitig stoßen Börsen immer stärker in Geschäftsbereiche vor, die bislang die Domäne ihrer Kunden repräsentierten. Hier sei der Handel von bestimmten Kreditderivateprodukten genannt, die bisher außerbörslich zwischen großen Wertpapierhäusern gehandelt wurden. Sowohl die Chicago Mercantile Exchange als auch die Eurex planen den Handel dieser Titel auf ihren eigenen Plattformen. Ein weiteres Beispiel ist die vertikale Integration von Wertpapierabwicklungs- und Wertpapierverwahrungsgeschäften. Große internationale Banken wie BNP Paribas, Citigroup und State Street kämpfen hier gegen Börsen um Marktanteile. Wie kam es zu dem hier beschriebenen Wandel? Der entscheidende Katalysator ist der gestiegene Wettbewerbsdruck auf traditionelle Börsen, welcher in vielen Fällen zu einer Umstrukturierung ihrer Organisationsform und Eigentümerstruktur führte. Diese neu ausgerichteten Börsen verstanden sich nun als reguläre, gewinnorientierte Firmen, die nicht mehr in erster Linie ihren Kunden, sondern ihren neuen Eigentümern, den Aktionären, verpflichtet waren. ...
The Indian IT industry has received great attention. Although most studies cover South Indian locations, clustering has rarely been a topic. This study focuses on Bangalore addressing questions related to Bangalore’s successful development and lessons thereof for other regions in and outside India. The approach pertains to economic geography and international business; hypotheses have been developed from a multi-disciplinary literature survey and interview fieldwork in Bangalore. I emphasize human and social capital and networks. While the first chapter delineates cultural foundations of human capital formation, the second and third deal with bonding and bridging social capital (or dense and loose networks), respectively; the fourth is an outlook on future opportunities through intersectoral upgrading. The main hypothesis is that a combination of both forms of social networks - contingent upon sub-sectors – has helped Bangalore developing a successful IT industry. Positive attitudes towards education led to relatively more human capital spawning two positive feedbacks: 1) establishment of national research and educational institutes resulting in large inflows of a diversity of people providing the required setting for creativity and innovation; 2) transnational networks linking to Silicon Valley are dominated by people from South India, allowing for additional knowledge spillovers corroborating the regional clustering.
The dissertation collects four self-contained essays which contribute to the literature on wage structures, heterogeneous labor demand, and the impact of trade unions. The first paper provides a detailed description of the evolution of wage inequality in East and West Germany in the late years of the twentieth century. In contrast to previous decades, wage inequality has been rising in several dimensions during that period. The second paper identifies cohort effects in the evolution of both wages and employment. Observed structures are consistent with a labor demand framework that incorporates steady skill-biased technical change. Substitutability between skill and age groups in the German labor market is found to be relatively high. Simulations based on estimated elasticities of substitution illustrate that higher wage dispersion between skill groups would have contributed to a reduction in unemployment. The third paper estimates determinants of individual union membership decisions and studies the erosion of union density in East and West Germany. Using corresponding predictions of net union density, the fourth paper analyzes the link between union strength and the structure of wages. A higher union density is associated with lower residual wage dispersion, reduced skill wage differentials, and a lower wage level. This finding is in line with an insurance motive for union action. The thesis comprises the following articles: (1) “Rising Wage Dispersion, After All! The German Wage Structure at the Turn of the Century,” IZA Discussion Paper 2098, April 2006. (2) “Skill Wage Premia, Employment, and Cohort Effects: Are Workers in Germany All of the Same Type?”, IZA Discussion Paper 2185, June 2006, joint with Bernd Fitzenberger. (3) “The Erosion of Union Membership in Germany: Determinants, Densities, Decompositions,” IZA Discussion Paper 2193, July 2006, joint with Bernd Fitzenberger and Qingwei Wang. (4) “Equal Pay for Equal Work? On Union Power and the Structure of Wages in West Germany, 1985–1997,” translation of “Gleicher Lohn für gleiche Arbeit? Zum Zusammenhang zwischen Gewerkschaftsmitgliedschaft und Lohnstruktur in Westdeutschland 1985–1997,” Zeitschrift für Arbeitsmarkt-Forschung, 38 (2/3), 125-146, joint with Bernd Fitzenberger, 2005.
We focus on a quantitative assessment of rigid labor markets in an environment of stable monetary policy. We ask how wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we structurally model matching frictions and rigid wages in line with an optimizing rationale in a New Keynesian closed economy DSGE model. We estimate the model using Bayesian techniques for German data from the late 1970s to present. Given the pre-euro heterogeneity in wage bargaining we take this as the first-best approximation at hand for modelling monetary policy in the presence of labor market frictions in the current European regime. In our framework, we find that labor market structure is of prime importance for the evolution of the business cycle, and for monetary policy in particular. Yet shocks originating in the labor market itself may contain only limited information for the conduct of stabilization policy. JEL - Klassifikation: J64 , E32 , C11 , E52
Although stable money demand functions are crucial for the monetary model of the exchange rate, empirical research on exchange rates and money demand is more or less disconnected. This paper tries to fill the gap for the Euro/Dollar exchange rate. We investigate whether monetary disequilibria provided by the empirical literature on U.S. and European money demand functions contain useful information about exchange rate movements. Our results suggest that the empirical performance of the monetary exchange rate model improves when insights from the money demand literature are explicitly taken into account. JEL - Klassifikation: F31 , E41
The dynamic relationship between the Euro overnight rate, the ECB´s policy rate and the term spread
(2006)
This paper investigates how the dynamic adjustment of the European overnight rate Eonia to the term spread and the ECB’s policy rate has been affected by rate expectations and the operational framework of the ECB. In line with recent evidence found for the US and Japan, the reaction of the Eonia to the term spread is non-symmetric. Moreover, the response of the Eonia to the policy rate depends on both, the repo auction format and the position of the Eonia in the ECB’s interest rate corridor. JEL - Klassifikation: E43 , E52
Inflation and relative price variability in the Euro area : evidence from a panel threshold model
(2006)
In recent macroeconomic theory, relative price variability (RPV) generates the central distortions of inflation. This paper provides first evidence on the empirical relation between inflation and RPV in the euro area focusing on threshold effects of inflation. We ¯nd that expected inflation significantly increases RPV if inflation is either very low (below -1.38% p.a.) or very high (above 5.94% p.a.). In the intermediate regime, however, expected in°ation has no distorting effects which supports price stability as an outcome of optimal monetary policy. JEL classification: E31, C23
The tax codes in many countries allow for special tax advantages for investments in special retirement plans. Probably the most important advantage to these plans is that profits usually remain untaxed. This paper deals with the question, which assets are preferable in a taxdeferred account (TDA). Contrary to the conventional wisdom that one should prefer bonds in the TDA, it is shown that especially in early years, stocks can be the preferred asset to hold in the TDA for an investor maximizing final wealth, given a certain asset allocation. The higher the performance of stocks compared to bonds, the higher the tax burden put on stocks compared to bonds. Simultaneously, the longer the remaining investment horizon, the larger the relative outperformance of the optimal asset location strategy compared to the myopic strategy of locating bonds in the TDA. An algorithm is provided to determine the investment strategy that maximizes (expected) funds at the end of a given investment horizon when there is an analytical solution.
This paper analyzes the relation between demographic structure and real asset returns on treasury bills, bonds and stocks for the G7-countries (United States, Canada, Japan, Italy, France, the United Kingdom and Germany). A macroeconomic multifactor model is used to examine a variety of different demographic factors from 1951 to 2002. There was no robust relationship found between shocks in demographic variables and asset returns in the framework of these models, which suggests that Asset Meltdown is rather fiction than fact.
Both banks and open end real estate funds effectuate liquidity transformation in large amounts and high scales. Because of this similarity the latter should be analyzed using the same methodologies as usually applied for banks. We show that the work in the tradition of Diamond and Dybvig (1983), especially Allen and Gale (1998) and Diamond and Rajan (2001), provides an applicable theoretical framework. We used this as the basis for our model for open end real estate funds. We then examined the usefulness of the modeling structure in analyzing open end real estate funds. First, we could show that withdrawing of capital resulting in a run is not always inefficient. Instead, withdrawing can as well be referred to the situation where the low return of an open end fund unit in comparison to other opportunities makes, (partial) withdrawal viewed from the risk-sharing perspective optimal. Even with costly liquidation, this result will hold, though we will have deadweight losses in such a situation. Second, introducing a secondary market in our model does, not in general, resolve the problem of deadweight losses associated with foreclosure. If assets are sold during a run, we do not only have a transfer of value but it can also create an economic cost. Because funds are forced to liquidate the illiquid asset in order to fulfill their obligations, the price of the real estate asset is forced down making the crisis worse. Rather than providing insurance, such that investors receive a transfer in negative outcomes, the secondary market does the opposite. It provides a negative insurance instead. Third, our model proves that the open end structure provides a monitoring function which serves as an efficient instrument to discipline the funds management. Therefore, we argue that an open end structure can represent a more adequate solution to securitize real estate or other illiquid assets. Instead of transforming open end in closed end structures, fund runs should be accepted as a normal phenomenon to clear the market from funds with mismanagement.
Customer channel migration
(2006)
Customer Channel Migration deals with the active management of a customer's channel usage behavior with the aim to increase her profitability and lifetime. Hence, the dissertation answers two distict questions: on one hand, it investigates the impact of channel use on a customer's profitability and lifetime. On the other hand, it is researched how a customer's channel usage behavior can be influenced and managed. The cumulative dissertation consists of five articles: the first article describes the matching method and its application to marketing problems. The matching method is necessary to estimate the unbiased impact of channel use on a customer's profitability and lifetime. The second article describes the application of the matching method in order to determine the monetary implications of using the internet in the financial services industry. The third article investigates the impact of the internet use on a customer's lifetime. The forth and the fifth article of the dissertation both investigate the management of a customer's channel usage behavior. The forth article designs a scale to measure a customer's perceived channel value. The fifth article builds upon these findings and develops a model which explains a customer's channel usage behavior. Based on these insights this article derives some managerial implications on how to manage customers between different channels.
One of the most acute problems in the world today is provision of a respectable living for the elderly. Today the process of aging population (as a result of a declined birth rate and increased life expectancy) has touched all countries of the world - developed countries as well as countries like Russia. Consequently, reforming traditional pension systems to deal with the changing situation has become an important issue around the world. These reforms typically center on the implementation of some form of funding of future pension benefits. This also holds for Russia, where in 1995 pension reform legislation introduced the so-called “accumulation pension”. In this context, this article will deal with the issues concerning the establishment of mutual funds, legal aspects of their operating and their investing opportunities. There will be carried out a comparative analysis of mutual funds with the other forms of public investments, namely: Common Funds of Bank Management, Voucher Investment Funds and Joint-stock Investment Funds.
Open-end real estate funds are of particular importance in the German bankdominated financial system. However, recently the German open-end fund industry came under severe distress which triggered a broad discussion of required regulatory interventions. This paper gives a detailed description of the institutional structure of these funds and of the events that led to the crisis. Furthermore, it applies recent banking theory to open-end real estate funds in order to understand why the open-end fund structure was so prevalent in Germany. Based on these theoretical insights we evaluate the various policy recommendation that have been raised.
One of the dangers of harmonisation and unification processes taking place within the framework of the EU is that they may result in the codification of the lowest common denominator. This is precisely what is threatening to happen in respect of assignment. Referring the transfer of receivables by way of assignment to the law of the assignor’s residence, as article 13 of the Proposal does, would be opting for the most conservative solution and would for many Member States be a step backward rather than forward. A conflict rule referring assignment to the law of the assignor's residence is too rigid to do justice to the dynamic nature of assignments in cross-border transactions and it is unjustly one-sided. It offers no real advantages when compared to other conflict rules; it even has serious disadvantages which make the conflict rule unsuitable for efficient assignment-based cross-border transactions. It is not unconceivable that this conflict rule would even be contrary to the fundamental freedoms of the ECTreaty. The Community legislators in particular should be careful not to needlessly adopt rules which create insurmountable obstacles for cross-border business where choice-of-law by the parties would perfectly do. Community legislation has a special responsibility to create a smooth legal environment for single market transactions.
This paper investigates whether the stock market reacts to unsolicited ratings for a sample of S&P rated firms from January 1996 to December 2005. We first analyze the stock market reaction associated with the assignment of an initial unsolicited rating. We find evidence that this reaction is negative and particularly accentuated for Japanese firms. A comparison between S&P’s initial unsolicited ratings with previously published ratings of two Japanese rating agencies for a Japanese subsample shows that ratings assigned by S&P are systematically worse. Further, we find that the stock market does not react to the transition from an unsolicited to a solicited rating. Comparison of the upgrades in the sample with a matched-sample of upgrades of solicited ratings reveals that the price reactions are no different. In addition, abnormal returns are worse for firms whose rating remained unchanged after the solicitation compared to those for upgraded firms. Finally, we find that Japanese firms are less likely to receive an upgrade. Our findings suggest that unsolicited ratings are biased downwards, that the capital market therefore expects upgrades of formerly unsolicited ratings and punishes firms whose ratings remain unchanged. All these effects seem to be more pronounced for Japanese firms.
Using data of US domestic mergers and acquisitions transactions, this paper shows that acquirers have a preference for geographically proximate target companies. We measure the ‘home bias’ against benchmark portfolios of hypothetical deals where the potential targets consist of firms of similar size in the same four-digit SIC code that have been targets in other transactions at about the same time or firms that have been listed at a stock exchange at that time. There is a strong and consistent home bias for M&A transactions in the US, which is significantly declining during the observation period, i.e. between 1990 and 2004. At the same time, the average distances between target and acquirer increase articulately. The home bias is stronger for small and relatively opaque target companies suggesting that local information is the decisive factor in explaining the results. Acquirers that diversify into new business lines also display a stronger preference for more proximate targets. With an event study we show that investors react relatively better to proximate acquisitions than to distant ones. That reaction is more important and becomes significant in times when the average distance between target and acquirer becomes larger, but never becomes economically significant. We interpret this as evidence for the familiarity hypothesis brought forward by Huberman (2001): Acquirers know about the existence of proximate targets and are more likely to merge with them without necessarily being better informed. However, when comparing the best and the worst deals, we are able to show a dramatic difference in distances and home bias: The most successful deals display on average a much stronger home bias and distinctively smaller distance between acquirer and target than the least successful deals. Proximity in M&A transactions therefore is a necessary but not sufficient condition for success. The paper contributes to the growing literature on the role of distance in financial decisions.
The paper examines challenges in effectively implementing the lender-of-last-resort function in the EU single financial market. Briefly highlighted are features of the EU financial landscape that could increase EU systemic financial risk. Briefly described are the complexities of the EU’s financial-stability architecture for preventing and resolving financial problems, including lender-of-last-resort operations. The paper examines how the lender-of-last-resort function might materialize during a systemic financial disturbance affecting more than one EU Member State. The paper identifies challenges and possible ways of enhancing the effectiveness of the existing architecture.
Location-based services (LBS) are services that position your mobile phone to provide some context-based service for you. Some of these services – called ‘location tracking’ applications - need frequent updates of the current position to decide whether a service should be initiated. Thus, internet-based systems will continuously collect and process the location in relationship to a personal context of an identified customer. This paper will present the concept of location as part of a person’s identity. I will conceptualize location in information systems and relate it to concepts like privacy, geographical information systems and surveillance. The talk will present how the knowledge of a person's private life and identity can be enhanced with data mining technologies on location profiles and movement patterns. Finally, some first concepts about protecting location information.