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This thesis uses the history of the Disconto-Gesellschaft to argue that the role of universal banks in fostering German industrialization was less than has previously been assumed. The archive of the Disconto-Gesellschaft is not currently accessible, so the thesis will use industrial archives to examine the bank's relations with industrial companies. After a discussion of the literature, a summary of other Disconto-Gesellschaft ventures shows that the Dortmunder Union was not an isolated disaster, but one among many. The thesis discusses the boom of 1867-1873 and. suggests it was engendered by a spate of railway building which fed into heavy industry. The next section recounts how the collapse of universal banks during financial crises led most countries outside Germany to separate commercial from investment banking either by law or by custom. The first chapter concludes with a discussion of how German industry raised capital. The second chapter discusses the origins of the Disconto- Gesellschaft; David Hansemann's introduction of a new corporate form, the Kommanditgesellschaft auf Aktien; the Disconto- Gesellschaft' s rise during the crisis of 1859, relations with competitors, internal structure and the character of its management and supervisory board. The third chapter treats the history of the Dortmunder Union, and the reasons for its failure. The fourth chapter discusses Krupp's difficulties in raising funds; how the Disconto-Gesellschaft coped with the problem of lending to two competing firms, Krupp and the Union; and management of this conflict through the rail cartel. The fifth chapter uses the correspondence of Kirdorf and Russell to discuss the coal industry's plight in the 1870's, and the reasons for the success of the Gelsenkirchener Bergwerks-Actien-Gesellschaft. The conclusion suggests that private banks were more successful in financing industry than universal banks like the Disconto-Gesellschaft because their great number meant that even a Krupp could find a private banker who believed in him, and because their narrow capital bases prevented them from keeping lame ducks alive.

Financial innovation is the subject of this thesis. The purpose of this thesis is to build up the first comprehensive theoretical framework able to analyze the causes, nature and process of financial innovation, in other words the first holistic and integrated approach to the phenomenon of financial innovation. Initially, we review a significant part of the available literature on innovation. Then we discuss the financial innovation-related literature, and incorporate some features from the general innovation literature. We introduce an analytical framework and model that accounts for the process of financial innovation. The novelty of the model is that it takes into account the integral process of financial innovation and for the first time combines elements from both standard and financial-innovation theory. Initially we present a set of factors that cause financial innovative activity. Furthermore, we highlight the fact that very often, more than one cause contributes to the initiation of innovative activity. In contrast with the existing literature, Silber (1975), Kane (1981), Miler (1986) and Tufano (1989), we elaborate further on the phenomenon of financial innovation by taking into account the factors that shape the innovative firm, mostly internal to the financial institution and very often related with the innovation-originated concepts. Then, we classify financial innovation according to five criteria, two of them commonly found in the innovation literature, one novel and the other two derived from the BIS (1986) classification. Finally, we present seven criteria that a financial innovation fulfils in order to be successful and "survive". A further contribution of our model is its dynamic approach. We highlight this dynamic process, by citing examples of financial innovations that were created in order to address the shortcomings of existing innovations. In order to provide the supporting evidence for the above model, we discuss in great detail four clusters of financial innovation: special bank liabilties, derivative products, securitization and plastic cards. During our research we encountered many financial innovations that took place in different places and times and under different circumstances. Our model provided us a unique analytical framework able to analyze each and every financial innovation in relation to its causes of emergence, factors that shaped the innovative output, classify in a detailed way this output and understand the reasons that enabled the survival of this innovation. Our analytical framework is not a single dimensional linear model but a dynamic, multi-level framework subject to evolution, able to provide a holistic, integrated and ageless approach.

The growth of the Internet has imposed a fundamental shift in business economics and is particularly true for the banking industry. Banks have been adopting more Internet banking services in order to remain competitive in the banking industry. Drivers of growth in Internet banking are a combination of convenience provided to those with easy Internet access, the availability of secure and high standard Internet banking functionality and the necessity of banking services to be efficient (ACNielsen, May 2002). / The convenience of banking via the Internet is allowing the growth of multiple banking relationships as customers learn to shop around and utilize one bank's specialized services while maintaining an everyday account with another bank. Denton and Chan (1991) defined this kind of multiple banking as being conducted where people employ two or more bankers to handle their personal financial affairs. Gerrard and Cunningham (1999) indicated that socio-economic characteristics can be used to identify a multiple bank user(s) from a single bank user. / According to Dick and Basu (1994), switching costs are a common strategy to maintain the loyalty. Switching costs have been identified as a factor contributing to maintaining a relationship (Morgan and Hunt, 1994). / While a large amount of literature has examined the issues of consumers' multiple bank behaviour in traditional non-Internet setting (Burnett and Chonko, 1981; and Chan, Ghee and Ho, 1993), few consumer behaviour studies have extended beyond traditional non-Internet settings into the context of Internet commerce. This research would be among the earliest attempt to study this issue in an Internet setting. / Based on a review of the literature, a research model linking customer satisfaction, loyalty, switching costs and split Internet bank behaviour was developed. The model has two main features. First, it examines the main direct effects of customer satisfaction, loyalty and switching costs on split Internet bank behaviour. Second, the model also examines the moderating role of socio-economic characteristics (income, education and positions) on the relationship between customer satisfaction, loyalty and switching costs - split Internet bank behaviour. / The empirical research was based on data collected by an Internet survey of adopters of Internet banking service in Hong Kong. Results from the statistical analyses indicate that customer satisfaction, loyalty as well as switching costs have a strong positive effect on split Internet bank behaviour. These analyses also examine the moderating role of socio-economic characteristics on the relationship between customer satisfaction, loyalty, switching costs and split Internet bank behaviour. / Implications for researchers and the banking industry are discussed which include factors that affect split Internet bank behaviour; socio-economic characteristics that could be used to distinguish a split Internet bank customer from a single bank customer; effective strategies to user retention and multiple banking relationships reduction. / Thesis (DBA(DoctorateofBusinessAdministration))--University of South Australia, 2007.

The exponential growth of the Internet is changing the way corporations conduct business with customers. The banking industry is no exception. In order to sustain competitiveness, banks have been introducing more Internet banking services. However, this change undermines the ability of business to retain their customers since certain characteristics of the Internet can cause a reduction in customers' search costs, reduce barrier to entry, and diminish distinctiveness of a firm (Kalakota and Whinston, 1996). Managing effective customer retention strategies is increasingly important in the banking industry since the length in years of customer relationships is one of the most important factors that contributes to the bank's profitability. Reicheld (1996) found that a five percent increase in customer loyalty produces an eighty-five percent increase in profitability in the banking industry. In the past, the key to understanding the power of a corporation to retain customers was thought to lie in the measurement of customer satisfaction. Clarke (2001) argued that long-term customer retention in competitive requires firms to go beyond mere basic satisfaction and to look for ways of establishing ties of loyalty that will help ward off competitive attack. While customer satisfaction may be one important driver of customer retention, switching costs are also likely to influence customer retention, both independently and in tandem. For example, the presence of switching costs can mean that some seemingly retained customers are actually dissatisfied but do not defect because of high switching costs. Thus the level of switching costs has a moderating effect on the relationship between customer satisfaction and customer retention. While the moderating role of switching costs on the relationship between customer satisfaction and customer retention has been supported in literature for existing non-Internet contexts (Lee et al., 2001; Ranaweera and Prabhu, 2003), little research has been published within the Internet context and particularly Internet banking. Based on a review of the literature, a theoretical model linking customer satisfaction and switching costs to customer retention was developed. The model has two main features. First, it examines the main direct effects of customer satisfaction and switching costs on customer retention. Second, the model examines the moderating role of switching costs on the relationship between customer satisfaction and customer retention. The empirical research was based on data collected by an Internet survey of adopters of Internet banking service in Hong Kong. Results from statistical analyses show that both customer satisfaction and switching costs have strong positive direct effects on customer retention. These analyses also confirm the moderating role of switching costs on the relationship between customer satisfaction and customer retention. However, when Internet banking adopters are categorized into two segments according to their usage of Internet banking service (basic and advanced users), results show that switching costs play a significant moderating role on the relationship between customer satisfaction and customer retention only for the basic Internet banking users. / Thesis (PhDBusinessandManagement)--University of South Australia, 2004

The exponential growth of the Internet is changing the way corporations conduct business with customers. The banking industry is no exception. In order to sustain competitiveness, banks have been introducing more Internet banking services. However, this change undermines the ability of business to retain their customers since certain characteristics of the Internet can cause a reduction in customers' search costs, reduce barrier to entry, and diminish distinctiveness of a firm (Kalakota and Whinston, 1996). Managing effective customer retention strategies is increasingly important in the banking industry since the length in years of customer relationships is one of the most important factors that contributes to the bank's profitability. Reicheld (1996) found that a five percent increase in customer loyalty produces an eighty-five percent increase in profitability in the banking industry. In the past, the key to understanding the power of a corporation to retain customers was thought to lie in the measurement of customer satisfaction. Clarke (2001) argued that long-term customer retention in competitive requires firms to go beyond mere basic satisfaction and to look for ways of establishing ties of loyalty that will help ward off competitive attack. While customer satisfaction may be one important driver of customer retention, switching costs are also likely to influence customer retention, both independently and in tandem. For example, the presence of switching costs can mean that some seemingly retained customers are actually dissatisfied but do not defect because of high switching costs. Thus the level of switching costs has a moderating effect on the relationship between customer satisfaction and customer retention. While the moderating role of switching costs on the relationship between customer satisfaction and customer retention has been supported in literature for existing non-Internet contexts (Lee et al., 2001; Ranaweera and Prabhu, 2003), little research has been published within the Internet context and particularly Internet banking. Based on a review of the literature, a theoretical model linking customer satisfaction and switching costs to customer retention was developed. The model has two main features. First, it examines the main direct effects of customer satisfaction and switching costs on customer retention. Second, the model examines the moderating role of switching costs on the relationship between customer satisfaction and customer retention. The empirical research was based on data collected by an Internet survey of adopters of Internet banking service in Hong Kong. Results from statistical analyses show that both customer satisfaction and switching costs have strong positive direct effects on customer retention. These analyses also confirm the moderating role of switching costs on the relationship between customer satisfaction and customer retention. However, when Internet banking adopters are categorized into two segments according to their usage of Internet banking service (basic and advanced users), results show that switching costs play a significant moderating role on the relationship between customer satisfaction and customer retention only for the basic Internet banking users. / Thesis (PhDBusinessandManagement)--University of South Australia, 2004

The exponential growth of the Internet is changing the way corporations conduct business with customers. The banking industry is no exception. In order to sustain competitiveness, banks have been introducing more Internet banking services. However, this change undermines the ability of business to retain their customers since certain characteristics of the Internet can cause a reduction in customers' search costs, reduce barrier to entry, and diminish distinctiveness of a firm (Kalakota and Whinston, 1996). Managing effective customer retention strategies is increasingly important in the banking industry since the length in years of customer relationships is one of the most important factors that contributes to the bank's profitability. Reicheld (1996) found that a five percent increase in customer loyalty produces an eighty-five percent increase in profitability in the banking industry. In the past, the key to understanding the power of a corporation to retain customers was thought to lie in the measurement of customer satisfaction. Clarke (2001) argued that long-term customer retention in competitive requires firms to go beyond mere basic satisfaction and to look for ways of establishing ties of loyalty that will help ward off competitive attack. While customer satisfaction may be one important driver of customer retention, switching costs are also likely to influence customer retention, both independently and in tandem. For example, the presence of switching costs can mean that some seemingly retained customers are actually dissatisfied but do not defect because of high switching costs. Thus the level of switching costs has a moderating effect on the relationship between customer satisfaction and customer retention. While the moderating role of switching costs on the relationship between customer satisfaction and customer retention has been supported in literature for existing non-Internet contexts (Lee et al., 2001; Ranaweera and Prabhu, 2003), little research has been published within the Internet context and particularly Internet banking. Based on a review of the literature, a theoretical model linking customer satisfaction and switching costs to customer retention was developed. The model has two main features. First, it examines the main direct effects of customer satisfaction and switching costs on customer retention. Second, the model examines the moderating role of switching costs on the relationship between customer satisfaction and customer retention. The empirical research was based on data collected by an Internet survey of adopters of Internet banking service in Hong Kong. Results from statistical analyses show that both customer satisfaction and switching costs have strong positive direct effects on customer retention. These analyses also confirm the moderating role of switching costs on the relationship between customer satisfaction and customer retention. However, when Internet banking adopters are categorized into two segments according to their usage of Internet banking service (basic and advanced users), results show that switching costs play a significant moderating role on the relationship between customer satisfaction and customer retention only for the basic Internet banking users. / Thesis (PhDBusinessandManagement)--University of South Australia, 2004

Licentiat-uppsats Uppsala : Univ., 2002.

Diss. Uppsala : Univ., 2003.

Thesis (Master of Laws (Hons.)) -- University of Western Sydney, 2002. / "A thesis submitted in fulfillment of the requirement for the degree of Master of Laws (Honours)" Bibliography : leaves 215-221.