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Enabling cybersecurity and protecting personal data are crucial challenges in the development and provision of digital service chains. Data and information are the key ingredients in the creation process of new digital services and products. While legal and technical problems are frequently discussed in academia, ethical issues of digital service chains and the commercialization of data are seldom investigated. Thus, based on outcomes of the Horizon2020 PANELFIT project, this work discusses current ethical issues related to cybersecurity. Utilizing expert workshops and encounters as well as a scientific literature review, ethical issues are mapped on individual steps of digital service chains. Not surprisingly, the results demonstrate that ethical challenges cannot be resolved in a general way, but need to be discussed individually and with respect to the ethical principles that are violated in the specific step of the service chain. Nevertheless, our results support practitioners by providing and discussing a list of ethical challenges to enable legally compliant as well as ethically acceptable solutions in the future.
Editorial : economic competence and financial literacy of young adults – status and challenges
(2016)
In modern society, the ability to deal with financial and economic matters is becoming increasingly important. This is true for both professionals – e.g., in the investment and banking sectors – and for individuals responsible for managing their financial and economic affairs in everyday life (Aprea et al., in press). This ability is generally described as economic competence, economic literacy or financial literacy. Despite the importance of these constructs, there is still a lack of clarity regarding the exact definitions, and specifically, which components they cover in detail. Furthermore, the terms economic competence and financial literacy are only loosely coupled. Economic competence is usually considered to be more comprehensive than financial literacy. However, recent research on financial literacy has followed a broader approach as well. ...
The necessity for well-founded teacher education in economics – findings from curriculum analyses
(2016)
Everybody has to make daily decisions requiring a good understanding of political and economic systems to manage and design our life but also to react on changes in these systems. Already in the early stages of adulthood, individuals need to decide on which job to choose, which party to vote for or on what money to spend on. For all these activities economical knowledge is necessary, which usually derives from economic education taught in schools in several subjects. ...
An analyst who works in Germany is more likely to publish a high (low) price target regarding a DAX30 stock if other Germany based analysts are also optimistic (pessimistic) about the same stock. This finding is not biased by the fact that DAX30 companies are headquartered in Germany. In times of bull markets, price targets of analysts who regularly exchange their opinion are higher correlated compared to other analysts. This effect vanishes in a bearish market environment. This suggests that communication among analysts indeed plays an important role. However, analysts’ incentives induce them not to deviate too much from the overall average during an economic downturn.
With this paper, I propose a simple asset pricing model that accounts for the influence from social interaction. Investors are assumed to make up their mind about an asset's price based on a forecasting strategy and its past profitability as well as on the contemporaneous expectations of other market participants. Empirically analysing stocks in the DAX30 index, I provide evidence that social interaction rather destabilises financial markets. At least, it does not have a stabilising effect.
In this paper, I analyse the reciprocal social influence on investment decisions within an international group of roughly 2,000 mutual fund managers who invested in companies in the DAX30. Using a robust estimation procedure, I provide empirical evidence that the average fund manager puts 0.69% more portfolio weight on a particular stock, if his peers on average assign a weight to the corresponding position which is 1% higher compared to other stocks in the portfolio. The dynamics of this influence on the choice of portfolio weights suggest that fund managers adjust their behaviour according to the prevailing market situation and are more strongly influenced by others in times of an economic downturn. Analysing the working locations of the fund managers, I conclude that more than 90% of the magnitude of influence stems from the social learning. While this form of influence varies much over time, the magnitude of influence resulting from the exchange of opinion is more or less constant.
We develop an interregional version of the standard textbook input-output model, that is extended with respect to the inclusion of the consumption expenditures and income generation process into the endogenous part of the input-output table. We also introduce a new method for deriving a two-region version of an interregional input-output table from original input-output tables for an overall economy and one of its regions. In an empirical assessment of the economic effects of the Frankfurt Airport, the interregional model is successfully employed. It is shown, that the model is capable of reducing the degree of overestimation of economic effects that results from inappropriate use of national input-output tables in the assessment of regional impact effects.