Enterprise Applications and Services in the Finance Industry 4th Int

This book constitutes the proceedings of the 4th International Workshop on Enterprise Applications and Services in the Finance Industry, FinanceCom2008, held in Paris, France, on December 13, 2008. The workshop spans multiple disciplines, including techni

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Dennis Kundisch Daniel J. Veit Tim Weitzel Christof Weinhardt (Eds.)

Enterprise Applications and Services in the Finance Industry 4th International Workshop, FinanceCom 2008 Paris, France, December 13, 2008 Revised Papers

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Volume Editors Dennis Kundisch University of Paderborn 33098 Paderborn, Germany E-mail: [email protected] Daniel J. Veit University of Mannheim 68131 Mannheim, Germany E-mail: [email protected] Tim Weitzel University of Bamberg 96045 Bamberg, Germany E-mail: [email protected] Christof Weinhardt University of Karlsruhe (TH) 76131 Karlsruhe, Germany E-mail: [email protected]

Library of Congress Control Number: 2009929372 ACM Computing Classification (1998): J.1, K.5.2, K.4.4, H.3.5 ISSN ISBN-10 ISBN-13

1865-1348 3-642-01196-9 Springer Berlin Heidelberg New York 978-3-642-01196-2 Springer Berlin Heidelberg New York

This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, re-use of illustrations, recitation, broadcasting, reproduction on microfilms or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. springer.com © Springer-Verlag Berlin Heidelberg 2009 Printed in Germany Typesetting: Camera-ready by author, data conversion by Scientific Publishing Services, Chennai, India Printed on acid-free paper SPIN: 12655533 06/3180 543210

Preface

2008 was a disastrous year for the financial services industry. Like an earthquake that measured 10+ on the Richter scale, the industry and the markets were globally severely shaken—many financial institutions went bankrupt, were taken over or made use of massive state guarantees and equity injections. Governments all over, the globe announced bank rescue packages in staggering heights. So, the traditional investment banking type of market structure and its dominance is gone—what’s next? In these rough months it has become obvious how important a functioning financial system is in our globalized world with interrelated markets and industries. Unsurprisingly these eruptions have also hit the real economy and many countries are currently in a deep recession all over the globe. However, as a proverb has it: “If nothing is secure, everything is possible”. Maybe the current status of the financial markets allows for the introduction of better rules and regulations and is the starting point for a different sustainable development of financial systems and economies. Providing for new perspectives and insights, constructive but critical analysis, while being on the quest for truth is a primary task of research. Especially in times when policy and decision makers are looking for guidance, it is important that research provide