Academic Year 2015/16

Author: Stefan Giuliani, BSc

Study Program: Business Administration

Abstract:

The development in interest rates since the financial crisis and especially the occurrence of negative interest rates have increased the relevance of interest rate options and interest rate floors in particular because banks want to hedge against negative interest rates in loans. At the same time negative interest rates constitute a challenge to the valuation of interest rate options (caps and floors) as they are incompatible with the assumption of log-normally distributed forward rates which is fundamental to the customary valuation model – the standard market model by Black. Therefore, besides describing the aforementioned Black model the present thesis addresses the application of the normal distributed model originally developed by Bachelier to caps and floors. However, initially methods and techniques for the construction of yield curves are illustrated whose knowledge is a requirement for the valuation of caps and floors since information about and forecasts of prospective interest rates (forward rates) and particularly their volatility are essential parameters of valuation models. Subsequently, the valuation of interest rate options with both the standard market model and the Bachelier model is demonstrated. A special focus rests on properties of the volatility parameter and its significance for the valuation of caps and floors. Following this, historical volatilities are introduced as an alternative to implicit volatilities which are customarily used in the market and the validity of their usage is investigated empirically. Finally, a software package created by the author for the valuation of interest rate options based on publicly available interest rate data is presented.

Author: Ines Filipovic, BSc MSc

Study Program: Business Administration

Abstract:

Default risk and its valuation have become highly important topics since the mid-90s when the banks started developing their own internal models for credit risk assessment. This alone is reason enough to closely look at some of the most important models that are meant to measure credit risk and estimate the probability of default. Although there are a variety of credit risk models used by academics and practitioners, none of them is generally accepted. However, there is one model that has been used extensively in the field of credit risk assessment for decades, and that is the Merton model (1974). The focus of this thesis lies on the conventional Merton model (1974) and the limitations and problems that follow its practical implementation. The second focal point of this thesis is the overview of the most important extensions of the Merton Model (1974) (for example KMV, Black/Cox, Geske, Leland etc.), which are all theoretically discussed in the present thesis. In lack of a generally accepted approach for determining the probability of default, it is important to include an overview of the most important studies of the existing credit risk models and their advantages and disadvantages (Eom, Helwege und Huang, Kealhofer/Kurbat etc.). The goal is to prove if they offer an explanation or a potential solution for the challenges that confront the practical implementation of these models.

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Author: Katharina Maria Skalnik, BA (Econ.) MSc (Econ.)

Study Program: Political and Empirical Economics

Abstract:

This thesis analyses various voting procedures and their properties. The aim of the thesis is to determine if there exist one or more voting procedures that are optimal for political elections. In the first part of the thesis, voting procedures are presented in general and their most important properties are explained. The voting procedures presented include ranked and non-ranked procedures, such as the plurality method, the Condorcet method and the Borda count, as well as procedures that require the allocation of points (e.g. range voting, cumulative voting). Then, the most general properties, such as monotonicity, irrelevance of independent alternatives and anonymity, as well as the theorems which are related to those properties, namely Arrow’s Theorem and the Gibbard-Satterthwaite Theorem, are presented. In the second part of the thesis, different voting procedures are applied. This analysis is based on a survey among the students of the University of Graz on the 2015 ÖH election and the preferences voiced by the survey’s participants. In an attempt to answer the central question of this thesis, the results of the simulation are then analysed. The focus of the analysis lies on the differences between the various voting procedures. Moreover, there is a deep-dive on the possibility of majority cycles. Overall, the results achieved by the various procedures are all very similar. Some lists move a rank up or down, but the main trends remain the same. In general, there is no such thing as an optimal voting procedure. In the case of the ÖH election there is no immediate need to change the voting procedure. If ever such a change were to be made, approval voting might be worth considering.

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Author: Martin Gerhard Lembeck, BSc

Study Program: Business Administration

Abstract:

Mobile Advertising is a marketing strategy, which has aligned itself to the current conditions of our time. The omnipresent ubiquity, the individualization of the society and the always-on principle are characteristics of this time. These characteristics are the product of the on- going development of net- and mobile technologies and the adoption of mobile advices to the personal sphere of the human being. Using this approach, the aim of the study is to analyze, compare and develop the different forms of mobile advertising and create a morphological box with the aspects of the different actions. The actions of mobile advertising are linked to the personal sphere of a person. Therefore the acceptance of these actions has an outstanding role in this work and will be discussed in comprehension of different acceptance models, which takes place in the literature. The consumer’s buying process consists of different phases, which can be analyzed separately while regarding different approaches of acceptance. To qualify this work, the model of the customer journey describing a consumer buying process of a product innovation, has been chosen in order to show how customers react on mobile advertising inside within these phases. The aim of this work is to present concrete recommendations, which link various actions of mobile advertising to specific phases of a customer journey, resulting in higher levels of acceptance.

Author: Mag. Dr. Florian Dorner

Study Program: Business Administration

Abstract:

When deciding on marketing communication strategies companies are increasingly faced with an altered and more competitive communication environment. On the one hand budgets for classical advertising are sinking and on the other hand, consumers are increasingly critical towards these forms of advertising. Nevertheless advertising in traditional channels – like print media – still is of great importance within the integrated marketing communication for many companies. For this reason, advertisers employ other forms, in order to avoid possible mistrust of the recipients. Advertorials which combine editorial content with advertising are one of these formats. Besides classical print advertising they gain more and more importance. However, advertorials are discussed controversially in the scientific literature. Against this background, the aim of this work is to comprehensively analyze the two formats in a daily newspaper setting. Using a longitudinal study with a mixed between-within experimental design it is possible to examine in detail the effectiveness of advertorials compared to classic print advertisements over time. Findings reveal distinct different effects of the two advertising formats. In the context of the communication activities of a grocery chain classical print advertising is perceived as more credible, more objective, and with greater information strength. However, advertorials improve the image of the grocery chain advertising, the product evaluation as well as the recommendation intention in a stronger way.

Author: Elisabeth Olt, BSc MSc

Study Program: Business Administration

Abstract:

Nowadays, there are two major trends in higher education, which I am going to discuss in this master thesis: The increasing number of students who work while studying and the growing number of foreign students. The aim of this thesis is to show the different motives to work while studying, the employment behavior and the working conditions of national and foreign students in Graz and Lyon. This is going to be done via quantitative survey. First of all, I am going to examine the reasons for student employment. The need to finance their studies is often a decisive factor for getting a job while studying. Furthermore, I am going to analyse the different working conditions: Most students work part-time, for little reward and without insurance. Additionally, I am going to examine the topic of „foreign students“ and the current situation in Austria and in France. In the empirical part of the work I am going to elaborate the different motives for student employment, the employment behaviour and working conditions of the students of the Karl-Franzens University of Graz and the University of Lyon II with a quantitative survey. For the majority of the surveyed students, employment is an integral part of their daily lives. However, the motives for working while studying are different: In Graz, collecting experience is an important motive to work, in Lyon the motive of making money is more important. Furthermore, there are disparities in terms of working conditions. Despite lower wages, longer working and overtime hours, students in Austria are more satisfied with their employment than students in France. Additional differences in the employment behaviour arise due to e.g. sociodemographic characteristics, the structure of funding, corporate training programs and the level of per capita income in the country of origin.

Author: Christoph Kogler, BSc MSc

Study Program: Business Administration

Abstract:

The logistics for round timber transportation from the Austrian forests to the wood processing industry represents a major challenge. An optimized timber logistics within a coordinated supply chain is a key factor to ensure security of supply, competitiveness and sustainability. The resulting tasks for managing the supply chain are handled by the Pulpwood Austria Ltd. for their owners and special topics in this context are structured in five research questions, which are investigated in this master thesis. The first three research questions deal with the calculation of an optimized transportation plan, its comparison with the current empirical management of transportation flows and the integration of the results as a strategic and operational decision support in the working processes of the Pulpwood Austria Ltd. The fourth question considers the interviews, whose results identify current and future challenges. Finally, the fifth research question focuses on the utility maximization of the entire supply chain. To answer this questions a comprehensive project management has been integrated, which enabled the generation of the required understanding of the industry by an extensive literature research, numerous meetings and interviews, company visits and a participation in the Paper & Biorefinery Congress. Building on these foundations a transportation model stocked with data from the Pulpwood Austria Ltd was developed and dissolved in AMPL. This master thesis project builds a bridge between science and economy and acted as a door opener and established contacts for future fields of activity in both areas. By the practical application of scientific methods, a contribution to the linking of existing and generation of new knowledge has been done.

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Author: Gudrun Graschi, BA BA MA

Study Program: Sociology

Abstract:

Sexuality is an important aspect of human life. Sex education occurs both in the family and at school. Not only the parents, but also the school therefore influences the attitudes and values of children and adolescents with regard to sexuality through sex education. This influence of the school as an state institution has met the resistance of some parents. In this master thesis those parents are central who reject school sex education for their children. They were asked about their desired and rejected themes and about their reasons for their rejection and feared consequences of school sex education. Through the qualitative method of semi-structured interviews 26 mothers and fathers were questioned. Not all of those parents reject school education. Some of them see school sex education positively. Because of that the sample of 26 mothers and fathers was divided into four groups. There are two extreme positions of proponents and critics as well as two moderate groups of ambivalent supporters and moderate critics. It has been found that those parents who reject school education tend to have a Christian sexual morality. As a consequence they see sexuality in a reproductive function. Therefore sexuality should only be existent in the context of marriage between man and woman. For this reason they reject themes which have to do with lust and eroticism, because they fear negative consequences. As a result of this sexual moral sex education in schools should follow the „right“ values. This whish for some kind of right moral implications in the school sex education cannot only be seen in the two critical groups but also in the two positive groups. The school finds itself under pressure to unite a variety of different values – a task which is hard to fulfill.

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Author: Marian Sven Pradella, MA

Study Program: International Graduate Study Program in Cultural Sociology

Abstract:

The Pegida movement has been the largest right-wing civil society phenomenon in recent German history. It attracted up to 20000 people every week at demonstrations in Dresden and other national as well as international cities. Pegida was founded in October 2014 and is still active at the present day (March 2016). The purpose of this thesis is to identify the ways in which Pegida was able to unite heterogenic social actors and how the movement was able to exert massive influence on the German political sentiment. The thesis aims at joining the socio-cultural theories of Alexander and Laclau/Mouffe. Cultural codes at the core of a society are connected with a discourse analysis focusing on hegemonic processes. The role of the civil society in present societies is thus in the center of interest. Thereby, a wide range of data is combined (i.e. speech analysis, political/media debates, position papers, polls) in order to demonstrate the importance of positive representations within a society. The ways in which an “other” is created discursively in order to create a positive self-identity attracting people of civil society to follow a certain hegemonic project are of special interest. With that the thesis offers a new explanatory approach which goes beyond the consideration of Pegida as a “political problem”. On the one hand, the results reveal theoretical problems combining Alexander and Laclau/Mouffe. On the other hand, Pegida can indeed be considered as a populist counter-attack to the present hegemony. The movement thus needs to be considered in lights of an increasingly strong chain of equivalence of the political right-wing in Germany and Europe.

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Author: Bernhard Leder, BSc MSc

Study Program: Business Administration

Abstract:

This thesis considers the problem of allocating an available budget across investments proposed by several departments of an organization. While solely investments with positive returns are relevant, not only the total profit generated by the allocation is taken into account, but also the fairness of the monetary distribution across said organizational units. Therefore, profit and distributional fairness are the two important characteristics of a specific allocation in this work. Then, the aim was to find Pareto-efficient solutions in regard to the two competing objectives of profit and fairness for the underlying binary knapsack problem. Calculations were performed for both extreme points and several distinct minimal fairness requirements along the Pareto frontiers for a large number of problem instances. Afterwards, the solution sets across instances of each specific point of the frontiers were aggregated, yielding an estimation of the profit/fairness trade-off’s behaviour between the two extremes. This procedure was performed for five different fairness criteria, where in theory each of them evaluates the fairness of the allocation differently. After the presentation of computational models used to calculate the mentioned Pareto-efficient solutions, extreme point solutions were presented for each criterion and compared among each other. Subsequently, the behaviour of the trade-off curves was displayed by the aggregated Pareto frontiers, showing the estimated loss of profit when considering higher levels of distributional fairness. Based on the achieved results, it can be said that in general the magnitude of sacrificed profit between profit maximization and increased fairness requirements appears rather small. Additionally, the shapes of estimated fairness criterion specific frontiers seem to be similar and lead to the assumption that the trade-off between profit and fairness follows a rather linear function.

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Author: Silvia Maria Hackl, BA MSc

Study Program: Business Administration

Abstract:

Demographic change describes the slow but steady change in the composition of the population according to its scope and structure. Therefore, the purpose of this thesis is to discuss the future significance of demographic change for the strategic human resource management of SMEs in peripheral regions. It identifies strategic human resource management instruments for Styrian companies, which are from great importance to operate successfully on a national as well as on an international level. The personnel measures are specifically developed for the Austrian company Krobath Gebäudetechnik Service GmbH & Co KG (KGT). These recommendations serve to recruit new employees and retain current employees in terms of demographic change. The theoretical part of this thesis starts with demographic change in general and explains its individual factors such as natural population change and migration, the development of the economic structure and the education in Styria. After an introduction into strategic human resource management its challenges derived from the demographic change are discussed. In the practical part the strategic human resource management activities of the Styrian company KGT are analyzed. Furthermore, face-to-face interviews with experts offer valuable insights into the handling of the challenges derived from the demographic change for the strategic human resource management. Based on the findings from literature and the individual inquiries recommendations for alignment of the strategic human resource management are made. This concept intends to prepare the KGT for future challenges with regard to its workforce.

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Author: Mag. Katharina Hofer, BSc MSc

Study Program: Business Administration

Abstract:

The aim of the present thesis is to investigate cognitive biases, which describe systematic malfunctions in the human decision-making process, as well as their causes and consequences in business activities. Thus, scientific findings in psychology and social sciences are analysed with a particular focus on their impact on the role of managerial accounting. Biases may affect the processing of relevant information, therefore three examples are introduced: framing, mood congruency und anchoring bias. Due to the fact that even qualified decision makers are likely to fail, e.g. when under time pressure, the topic provides an opportunity for improving the selection and presentation of information to the management. Biases also influence risk attitude and competitive behaviour, which are explained introducing three major topics: optimism and overconfidence in managerial decision-making, escalation of commitment concerning failing projects, and competitive irrationality. As a result, the relevance of biases and their potentially threatening consequences become obvious. There is a variety of alternative countermeasures presented in the literature. The majority aims at reducing biases and their effects by creating awareness, using financial incentives or organisational and technological tools. Concerning the presented biases, those methods yield only mixed results. In some scenarios, it is neither possible nor preferable to eliminate biases. Sometimes a minor deviation from rational behaviour might even provide better results. In those cases, managerial accounting should modify either incentives or the contextual framework in order to induce decisions, which support the objectives of the company.

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Author: Stephanie Faschang, Bakk. Bakk.

Study Program: Business Administration

Abstract:

This master’s thesis deals with the internationalization process of the Upper Austrian Wiesner-Hager Möbel GmbH, whose history reflects the development of a carpentry, joinery and generally oriented furniture manufacturing company with a restrictive focus on the regional and national market level to an internationally operating specialized supplier within the office and contract furniture industry. Through the application of the qualitative empirical case study research method and in reference to the internationalization process theory (Johanson and Vahlne, 1977), this thesis focuses on the firm’s process of “going international”. After introducing the company researched and clarifying relevant terminology, a two-phase analysis (generalist, specialist) of the modal, local and temporal internationalization behavior, and the underlying causalities is conducted. In the context of a country-based and transnational synopsis, the existence of incremental internationalization steps can be confirmed (ideal-typical iterative course), extended (gradual de-internationalization, tendency to re-internationalization, direct investive combination of modes), and rejected (stagnation, deviations) (six case constellations). Moreover, four phases of an increased level of activity, in the sense of batch-wise internationalization, can be identified. Further research results in a case-related necessity of extending the internationalization theory in question. There is broad empirical evidence (eight categories of findings) that the choice and sequence of market (entry) modes and national markets, along with the basal monocausal explanation, as postulated by the theory, prove inadequate in regard to describing and analyzing the observable internationalization behavior appropriately.

Author: Birgit Faller, BSc MSc

Study Program: Business Administration

Abstract:

Nowadays multinational enterprises base their foreign direct investment decision on tax incentives due to the increasing internationalisation. Tax incentives are defined as any incentives that reduce the tax burden of multinational enterprises. Thereby the investment decision should be influenced. Even Austria’s government provides such incentives through the tax reform 2005 to encourage direct investments. The key aspects of the Austrian tax reform 2005 were the introduction of the new group taxation as well as the reduction of the corporate tax rate from 34 % to 25 %. With this reduced corporate tax rate Austria reacts to the increased reductions of tax rates in other European countries. Previous discussions on the tax reform only focused on the effects of improving the attractiveness of Austria for direct investments. The impact of the Austrian tax reform 2005 on foreign direct investments of Austrian enterprises had been discussed so far insufficiently, although Austrian enterprises make more investments abroad than foreign investors in Austria. Thus, the main objective of this master thesis is to investigate the effects of the Austrian tax reform 2005 empirically on the foreign direct investments of Austrian enterprises. After a theoretical introduction the empirical study will be executed in the main part of this thesis. The empirical studies are based on the AMADEUS database and on multiple linear regression models. These studies demonstrate that the Austrian tax reform leads to an increase in foreign directs investments of Austrian enterprises. Furthermore these investigations confirm the assumption that the tax reform 2005 not only influences the attractiveness of Austria for foreign investors but also influences significantly the foreign direct investments of Austrian enterprises, too.

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Author: Claudia Schönhart, BSc MSc

Study Program: Business Administration

Abstract:

In financial accounting discounting is of particular importance both on international and national level. Especially, long term assets and liabilities are discounted. From a financial perspective, discounting appears plausible: One monetary unit at the present time is worth more than the same amount of monetary units that will in-/outflow one year later (time value of money). The decisive factor for the discounting effect is the interest rate, on which discounting is based on. Moreover, the calculation of the present value is warranted for the model-like construction of entity- and market-oriented values, as it is the case for the value in use and the fair value in IFRS accounting. This thesis addresses the question which requirements are placed on present value measurements, which conceptual specifications apply and how the accounting practice with regard to the discount rate deals with it. In order to address these points, an overview of the scope of discounting in IFRS/IAS is provided and selected valuation rules are analyzed critically. It is shown that present value measurements are required to reflect on different factors depending on the valuation object and the reason for the valuation, which as a consequence means that different discount rates can be used. The valuation theory as foundation for determining the discount rate is critically questioned in this thesis. A sample of companies that were listed in the ATX and DAX on April 1, 2016 and their IFRS consolidated financial statements, among other things, the design and development of disclosed discount rates for selected balance sheet items are being empirically examined. The results generally show that besides improved notes the rate of return which is used for discounting were fluctuating significantly to some extent during the reporting years 2008, 2010, 2012 and 2014.

Author: Stefan Holl, BA (Econ.) MA (Econ.)

Study Program: Economics

Abstract:

The positive return differential between U.S. assets and liabilities is at the heart of the claim that the United States enjoys an ‘exorbitant privilege’. In this view, the unique status of the U.S. at the centre of the international financial system grants it an advantage over other countries. The U.S. is said to be able to borrow at lower interest rates than normal because of the high demand for U.S. Dollars as a reserve currency by foreign central banks, and as a trading currency by international traders. Additionally, the U.S. issues secure and liquid debt while investing in risky and illiquid assets, thereby earning a risk an liquidity premium. The extent of the U.S. return differential has been under debate for more than a decade now. Initial estimates of the U.S. return differential might well be labeled ‘exorbitant’: The first studies found a U.S. return differential of three percent and more. However, these studies had included changes in U.S. foreign assets and liabilities which did not accrue to investors as a profit, and therefore biased the return figures. A subsequent wave of studies addressed this issue and argued that the U.S. return differential were much smaller at about one percent. Using recently available data, this thesis calculates the U.S. return differential and provides a detailed decomposition of the U.S. return differential into individual categories and time periods. It computes the return on unrecorded portfolio assets on a global scale, assigns a portion to the U.S., and adjusts the U.S. return on assets accordingly. Finally, it takes mathematical issues concerning the averaging method into account and recalculates the U.S. return differential using the appropriate method. Both the adjustment for unrecorded wealth and the adjustment for the averaging method suggest that the U.S. return differential is smaller than previously thought.

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Author: Klemens Kurtz, BA (Econ.) MA (Econ.)

Study Program: Economics

Abstract:

This thesis discusses user conflicts within outdoor sports focusing on mountain bike sports. Mountain biking has become more popular in recent years and is an important source of income for many winter sport resorts during the summer season. The importance of summer tourism is growing as in some regions reduced snowfall caused by climate change becomes more frequent. Reducecd snowfall is compensated for by artificial snowmaking which results in higher costs for winter tourism. To fulfil the growing demand for mountain biking there is a need for a higher supply of legal mountain bike trails in the Austrian tourism and leisure industry. This means an expansion of the trail network which is often accompanied by conflicts between various stakeholders like land owners, cable car operators, hikers and mountain bikers. Based on a literature research as well as interviews with relevant stakeholders, this thesis analyses the different interests connected to the development of a new area for mountain bike sports on the basis of the case study about the Schoeckl near the city of Graz. For further analysis the conflict is depicted in a game theoretic model for land owners and the cable car operator, who, for legal and economic reasons, seem to be the crucial parties for solving the conflict. The main research question is: Is there a stable and pareto-efficient equilibrium for the development of an area like the Schoeckl for mountain bike sports and which measures can help to solve existing user conflicts? The results show that there will be no equilibrium for an expansion of an area like the Schoeckl for mountain bike sports although both parties, i.e. the land owners and the cable car operator, could increase their net benefit if they cooperate. The results also show that instead of money transfers the main incentive for land owners to agree to an expansion of mountain bike trails could be the possibility to channel mountain bikers on certain trails.

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Author: Mag. Dr. Kristina Schaberl

Study Program: Business Administration

Abstract:

Owing to Burgenland’s incorporation into Austria in the year 1921, the manufacturers of the youngest Austrian province faced a number of new challenges, but current scientific research did not cover their unique situation. Therefore, the aim of this interdisciplinary work in the fields of economic history, business administration and regional economics is to present a detailed economic-historical study of 1919-1945 to fill the scientific gap. In order to go beyond a chronological presentation of the topic, the study of historical sources represents the main research method that is broadened by the shift-share-analysis. The results have shown that the development of the manufacturing firms in Burgenland was mainly characterised by difficulties adapting to the new circumstances as a former part of Hungary and to several political changes that took place after 1921. The deterioration of the situation was aggravated on the one hand by the precarious financial conditions of the small and medium-sized enterprises and on the other hand by the absence of public investments and supporting measures. This restricted firms to a very low level and created a deadlock in which a progress was hardly conceivable. So the operating structure was throughout dominated by very small businesses. Despite these conditions, the establishment of new commercial interest groups was quite successful before the Nazis occupied Austria in April 1938 and Burgenland lost his hard-earned autonomy. Due to the Soviet occupation after the end of the Second World War, a process of an economic catch-up to the other eight provinces did not begin until Austria’s independence in 1955. Since Austria joined the European Union in 1995, the progress was strongly facilitated by EU financial support from the European Regional Funds.

Author: Sabrina Paumann, BSc MSc MSc

Study Program: Business Education and Development

Abstract:

The concept of competence is an integral part of the current discussions on educational policy and finds its application in both the general and business education, higher education as well as in the further professional education. Despite the multiple use of the term, it is often not clear what competence means. At least since the curriculum reform for the college of business administration in 2014, competence development has become a major issue too. The requirement of competence development in business education often raises the question of why this should be encouraged. Due to these uncertainties, this master thesis asks the question of what competence actually means and what backgrounds to the development of competencies in business education led. In order to approach the first part of the research question, the second chapter begins with a discussion of the term’s history. In the following, different understandings of competence in selected scientific disciplines are discussed. The field of psychology, business administration, educational science as well as business education and development will receive special attention. Despite a wide variety of understandings, basic characteristics of competence can be identified, which are explained at the end of the second chapter. In the third chapter changes within the society and work organisation which require the development of competencies are discussed. First, the emergence of the knowledge society will be investigated, then the internationalisation and globalisation will be discussed and afterwards the issue of changed work organisations will be broached. In the last section the resolution of stable professional careers will be examined. In each section, the implications on competency requirements are considered and arguments for the need for competence development in business education presented.

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Author: Sabine Schaffer, BSc MSc

Study Program: Business Education and Development

Abstract:

The dual systems of vocational education and training (VET) in Austria, Germany and Switzerland is attested a pioneering role in the integration of young people into work life in Europe, due to their relatively low youth unemployment rate. One reason is the predominant role of the dual systems of vocational education and training in these countries. Due to the success and the international recognition of this system more and more countries without such a system are turning their attention to it. The question of this master thesis is, what are the national characteristics of the Austrian dual system of vocational education and training compared to the systems in Germany and Switzerland and what are the challenges which arise for a transfer of the Austrian dual system. After a discussion of the terms education, vocational training and apprenticeship the three types of European vocational education and training systems as well as the duality of learning locations are described. Then selected features of the dual systems of vocational education and training of these countries are compared and contrasted. Based on that comparison the characteristics of the Austrian dual system can be identified at three levels: national and cultural background, legal and institutional control and systemic characteristics. The final presentation of the challenges of a transfer of dual vocational education and training systems concludes that such a transfer needs more than just the duality of learning locations and the challenge lies in the identification of the invisible characteristics of the systems. This also implies the recognition that it is primarily the specific (invisible) structure that considerably shapes the vocational education and training system.

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