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Digital banking – the new normal : interview with Susanne Kloess
(2015)
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Susanne Kloess
- Interview with Susanne Kloess, Member of the Executive Board Postbank
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QoS- and security-aware optimization of cloud collaborations
(2015)
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Olga Wenge
Ulrich Lampe
Melanie Siebenhaar
Ralf Steinmetz
- WHILE CLOUD MARKETS PROMISE UNLIMITED RESOURCE SUPPLIES, INDIVIDUAL PROVIDERS MIGHT BE UNABLE TO OFFER SUFFICIENT PHYSICAL CAPACITY TO SERVE LARGE CUSTOMERS. A SOLUTION IS TO FORM CLOUD COLLABORATIONS, IN WHICH MULTIPLE CLOUD PROVIDERS UNITE FORCES IN ORDER TO CONJOINTLY OFFER CAPACITIES WITHIN CLOUD MARKETS. QUALITY OF SERVICE (QOS) AND SECURITY ASPECTS ARE THE PRIMARY CONSIDERATIONS IN BUILDING SUCH COLLABORATIONS. THIS RESEARCH REPORT PRESENTS A CORRESPONDING OPTIMIZATION APPROACH FOR THE SELECTION OF COLLABORATIVE CLOUD PROVIDERS UNDER CONSIDERATION OF FULFILLMENT OF CLOUD USERS’ QOS AND SECURITY REQUIREMENTS.
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Do firms benefit from high discount rates of customers who purchase complementary products?
(2015)
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Iman Ahmadi
Bernd Skiera
Anja Lambrecht
Florian Heubrandner
- DESPITE AMPLE EVIDENCE THAT CUSTOMERS EXHIBIT HIGHER DISCOUNT RATES THAN FIRMS, IT IS NOT CLEAR HOW DIFFERENCES IN DISCOUNT RATES AFFECT OPTIMAL PRICES, PROFITS, AND WELFARE OF COMPLEMENTARY PRODUCTS (WHICH COULD BE GOODS OR SERVICES). WE SHOW FOR COMPLEMENTARY PROUCTS THAT HIGHER DISCOUNT RATES OF CUSTOMERS DO NOT INCREASE PROFIT OR CONSUMER SURPLUS. FIRMS, INCLUDING BANKS, WOULD BE ADVISED TO SEEK TO REDUCE EXCESSIVE DISCOUNT RATES AMONG CONSUMERS.
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Opportunities of social media in the financial market
(2015)
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Philipp Sommer
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Buy-side trading – challenges today and tomorrow : interview with Christoph Hock
(2015)
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Christoph Hock
- Interview with Christoph Hock, Head of Trading Union Investment
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Analyzing the relationship between differentiated online sentiment and company-specific stock prices
(2015)
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Marten Risius
Fabian Akolk
Roman Beck
- PRACTITIONERS AND RESEARCHERS ALIKE INCREASINGLY USE SOCIAL MEDIA MESSAGES AS AN ADDITIONAL SOURCE OF INFORMATION WHEN DEALING WITH STOCKS. BASED ON EMOTION THEORY AND AN ESTABLISHED SENTIMENT LEXICON, WE DEVELOP AND APPLY AN OPEN SOURCE DICTIONARY FOR THE ANALYSIS OF SEVEN DIFFERENT EMOTIONS IN 5.5 MILLION TWITTER MESSAGES ON 33 S&P 100 COMPANIES. WE FIND VARYING EXPLANATORY POWER OF DIFFERENT EMOTIONS (ESP. HAPPINESS, AND DEPRESSION) FOR COMPANY-SPECIFIC STOCK PRICE MOVEMENTS OVER A PERIOD OF THREE MONTHS.
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Asset allocation versus security selection – new insights from individual investors
(2015)
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Benjamin Loos
Steffen Meyer
Andreas Hackethal
- WE DECOMPOSE INDIVIDUAL INVESTORS’ PORTFOLIO RETURNS INTO PASSIVE BENCHMARK RETURNS, ACTIVE SECURITY SELECTION RETURNS, AND ACTIVE MARKET TIMING RETURNS. FOR THE AVERAGE INVESTOR IN OUR SAMPLE, PASSIVE BENCHMARK RETURNS EXPLAIN SOME 40% OF VARIATION IN LONGITUDINAL PORTFOLIO RETURNS, SECURITY SELECTION EXPLAINS AN ADDITIONAL 50%, AND MARKET TIMING PLAYS ONLY A MINOR ROLE. THIS STANDS IN STARK CONTRAST TO EARLIER RESULTS ON INSTITUTIONAL INVESTORS WHERE PASSIVE BENCHMARK RETURNS (REFLECTING DIFFERENT ASSET ALLOCATION STRATEGIES) EXPLAIN OVER 90%. THE PREDOMINANCE OF SECURITY SELECTION COMES AT A COST FOR INDIVIDUAL INVESTORS: INVESTORS FROM THE HIGHEST QUINTILE IN TERMS OF SECURITY SELECTION ACTIVITY UNDERPERFORM THEIR PEERS FROM THE LOWEST QUINTILE BY MORE THAN 10 PERCENTAGE POINTS PER YEAR. TRANSACTION COSTS EXPLAIN ONLY PART OF THIS UNDERPERFORMANCE. THE LESS INVESTORS DIVERSIFY, THE WORSE THEY DO.
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Encouraging growth funding
(2015)
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Martin Reck
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FinTechs and banks: co-opetition for technological innovation
(2015)
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Moritz von der Linden
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The role of high-frequency trading for order book resiliency
(2015)
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Benjamin Clapham
Martin Haferkorn
Kai Zimmermann
- THE SPEED OF TRADING, AND IN PARTICULAR HIGH-FREQUENCY TRADING, IS ONE OF THE MOSTLY DEBATED ISSUES AMONG REGULATORS AND MARKET PARTICIPANTS. NEVERTHELESS, SEVERAL ACADEMIC STUDIES HAVE SHOWN THAT HIGH-FREQUENCY TRADERS USING LOW-LATENCY INFRASTRUCTURE PROVIDE ADDITIONAL LIQUIDITY THEREBY REDUCING TRANSACTION COSTS IN ORDINARY TIMES OF TRADING. WE STUDY WHETHER HIGH-FREQUENCY TRADERS ALSO CONTRIBUTE TO THE RECONSTRUCTION OF THE ORDER BOOK AFTER LIQUIDITY SHOCKS CAUSED BY LARGE ORDERS.
