E-Finance Lab e.V.
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Institute
CROWDFUNDING PLATFORMS HAVE BECOME A VALUABLE ALTERNATIVE TO TRADITIONAL SOURCES OF FINANCING. HOWEVER, SOME PHENOMENA ON CROWDFUN DING PLATFORMS CAUSE UNDESIRABLE EXTERNAL EFFECTS THAT CAN ADVERSELY INFLUENCE THE FUNDING SUCCESS OF PROJECTS. ONE SUCH PHENOMENON IS PROJECT OVERFUNDING. IN ORDER TO INTERNALIZE THE EXTERNALITIES OF OVER FUNDING, WE PROPOSE A FUNDING REDISTRIBUTION APPROACH FOR IMPROVING OVERALL FUNDING RESULTS. TO EVALUATE THIS CONCEPT, WE DEVELOP AND DEPLOY AN AGENT-BASED MODEL.
AS WE INCREASINGLY RELY ON SEARCH ENGINES AS AN IMPORTANT SOURCE OF INFORMATION TO SUPPORT OUR DECISIONS, SEARCH ENGINES BECAME AN IMPORTANT VENUE FOR FIRMS TO ATTRACT ATTENTION AND SECURE THE LONGEVITY OF THEIR OPERATIONS. THIS ARTICLE DISCUSSES THE RESULTS OF OUR EMPIRICAL STUDIES ON HOW TO CAPTURE A FIRM’S VISIBILITY IN ORGANIC SEARCH AND HOW IT AFFECTS ITS SHORT- AND LONG-TERM FINANCIAL PERFORMANCE.
Chatbots become human(like): the influence of gender on cooperative interactions with chatbots
(2019)
CURRENT TECHNOLOGICAL ADVANCEMENTS OF CONVERSATIONAL AGENTS (CAs) PROMISE NEW POTENTIALS FOR HUMAN-COMPUTER COLLABORATIONS. YET, BOTH PRACTITIONERS AND RESEARCHERS FACE CHALLENGES IN DESIGNING THESE INFORMATION SYSTEMS, SUCH THAT CAs NOT ONLY INCREASE IN INTELLIGENCE BUT ALSO IN EFFECTIVENESS. THROUGH OUR RESEARCH ENDEAVOUR, WE PROVIDE NEW AND COUNTERINTUITIVE INSIGHTS THAT ARE CRUCIAL FOR THE EFFECTIVE DESIGN OF COOPERATIVE CAs.
The regulatory and legal challenges of blockchain technology : interview with Nina-Luisa Siedler
(2019)
THE LARGE FIELD OF PSYCHOLOGICAL AND NEUROSCIENTIFIC LITERATURE SUGGESTS THAT POLITICAL PREFERENCES STEM FROM OUR INDIVIDUAL CHARACTERISTICS AND PERSONAL VALUES AND ARE FORMED MUCH EARLIER THAN THE PERSON IS CONFRONTED WITH ANY KIND OF FINANCIAL DECISION. THIS ARTICLE INVESTIGATES WHETHER POLITICAL PREFERENCES AND POLITICAL CLIMATE CAN HAVE AN IMPACT ON FINANCIAL DECISIONS OF INDIVIDUAL INVESTORS – IN PARTICULAR, PORTFOLIO COMPOSITION AND PREFERENCES FOR NATIONAL SECURITIES.
The customer determines the success or failure of the company : interview with Philipp Schmitt
(2021)
COVID-19 HAS AGAIN TIGHTENED ITS GRIP AROUND THE WORLD AND THE HEALTH SYSTEM. THIS ARTICLE GIVES AN INTRODUCTION TO EXPLAINABLE INTERACTIVE MACHINE LEARNING AND PROVIDES INSIGHTS ON HOW THIS METHOD MAY NOT ONLY HELP IN ENGINEERING MORE POWERFUL AI SYSTEMS, BUT ALSO HOW IT MAY HELP TO EASE THE BURDEN OF VIRAL STRAINS ON THE HEALTHCARE SYSTEM.
ON JUNE 18TH, WIRECARD’S SHARE PRICE PLUMMETED BY MORE THAN 60% FOLLOWING THE FIRM’S ADMISSION OF BEING SUBJECT TO “ENORMOUS FRAUD” AND BILLIONS OF EUROS MISSING. THIS REPORT DOCUMENTS GERMAN RETAIL INVESTORS’ RESPONSE AND FINDS THAT THE POPULARITY OF WIRECARD AMONG RETAIL INVESTORS LED TO SUBSTANTIAL LOSSES IN THEIR PORTFOLIOS. THESE LOSSES WERE EXACERBATED BY STRONG BUYING SENTIMENT AFTER THE ANNOUNCEMENT. THE FAILING STOCK WAS PURCHASED BY INVESTORS ALREADY ENGAGED IN IT AS WELL AS NON-EXPOSED CUSTOMERS.
Start thinking in systems
(2021)
NATURAL LANGUAGE (NL) IS A PROMISING ALTERNATIVE INTERFACE TO DATABASE MANAGEMENT SYSTEMS (DBMSs) BECAUSE IT ENABLES NON-TECHNICAL USERS TO FORMULATE COMPLEX QUESTIONS. RECENTLY, DEEP LEARNING HAS GAINED TRACTION FOR TRANSLATING NATURAL LANGUAGE TO SQL. HOWEVER, THE CORE PROBLEM WITH EXISTING DEEP LEARNING APPROACHES IS THAT THEY REQUIRE AN ENORMOUS AMOUNT OF MANUALLY CURATED TRAINING DATA IN ORDER TO PROVIDE ACCURATE TRANSLATIONS. WE PRESENT DBPAL THAT USES A NOVEL TRAINING PIPELINE TO LEARN NL2SQL INTERFACES WHICH SYNTHESIZES TRAINING DATA AND, THUS, DOES NOT RELY ON MANUALLY CURATED TRAINING DATA.
Economic value of data
(2020)
FIRMS COLLECT A LARGE AMOUNT OF DATA BY ENGAGING HEAVILY IN THE COLLECTION AND STORAGE OF ONLINE USER ACTIVITY VIA VARIOUS USER TRACKING TECHNOLOGIES. RECENT POLICY INITIATIVES AIM AT RESTRICTING THIS PRACTICE TO PROTECT CONSUMER PRIVACY. WE STUDY EMPIRICALLY THE CONSEQUENCES OF SUCH RESTRICTIONS FOR ONLINE PUBLISHERS, SUCH AS NEWS WEBSITES, BECAUSE THEY STRONGLY RELY ON REVENUES THAT ARE GENERATED BASED ON USER DATA. WE FIND A PRICE DECREASE OF CA. 30% FOR ONLINE ADS WHEN NO DATA FROM USER TRACKING IS AVAILABLE. THE POTENTIAL REVENUE LOSS COULD BE MORE THAN EUR 14 BILLION IN THE EU AND MORE THAN USD 27 BILLION IN THE US.
ALGORITHMIC DECISION MAKING PLAYS AN IMPORTANT ROLE IN FINANCIAL MARKETS. ONE SOURCE OF INFORMATION FOR SUCH ALGORITHMS IS THE SENTIMENT OF SOCIAL MEDIA MESSAGES AND NEWS ARTICLES CONCERNING A LISTED COMPANY. YET, CURRENT TOOLS DO NOT DISTINGUISH BETWEEN POPULAR AND LESS POPULAR NEWS AND IT IS UNCLEAR WHETHER METHODOLOGIES BASED ON DATA ANALYTICS CAN BE APPLIED ON SMALL DATASETS OF LESS POPULAR COMPANIES. THEREFORE, WE ANALYZE WHETHER THE IMPACT OF MEDIA SENTIMENT ON FINANCIAL MARKETS IS INFLUENCED BY TWO LEVELS OF INVESTOR ATTENTION AND WHETHER THIS IMPACTS ALGORITHMIC DECISION MAKING.
THE PROLIFERATION OF THE INTERNET HAS ENABLED PLATFORM INTERMEDIARIES TO CREATE TWO-SIDED MARKETS IN MANY INDUSTRIES. IN SUCH MARKETS, NETWORK EFFECTS OFTEN OCCUR WHICH CAN DIFFER FOR NEW AND EXISTING CUSTOMERS. THE AUTHORS DEVELOP AN INFLUX-OUTFLOW MODEL TO INVESTIGATE THE CONDITIONS UNDER WHICH THE ESTIMATION OF SAME-SIDE AND CROSS-SIDE NETWORK EFFECTS SHOULD DISTINGUISH BETWEEN ITS IMPACT ON THE NUMBER OF NEW CUSTOMERS (I.E., ACQUISITION) AND EXISTING CUSTOMERS (I.E., THEIR ACTIVITY).
Start Thinking in Systems / Berthold Kracke
Buying into Fraud – German Retail Investors and the Wirecard Scandal / Konstantin Bräuer, Andreas Hackethal, Guido Lenz, Thomas Pauls
Insights from Explainable Interactive Machine Learning in the Age of COVID-19 / Oliver Hinz, Nicolas Pfeuffer, Wolfgang Stammer, Patrick Schramowski, Benjamin M. Abdel-Karim, Andreas Bucher, Christian Hügel, Gernot Rohde, Kristian Kersting
The Customer Determines the Success or Failure of the Company : interview with Philipp Schmitt
Digitalizing Asset Management – The Way Forward / Alexander Lichtenberg
Economic Value of Data / Rene Laub, Klaus Miller, Bernd Skiera
DBPal: A Novel Lightweight NL2SQL Training Pipeline / Benjamin Hättasch, Nadja Geisler, Carsten Binnig
Why Open Innovation in B2B Needs a Push interview with Sven Siering
Closing the Gap between Physical and Electronic Trading / Michael König
Estimating Network Effects in Two-Sided Markets / Oliver Hinz, Thomas Otter, Bernd Skiera
Investor Attention and Algorithmic Decision Making in Financial Markets / Benjamin Clapham, Michael Siering, Peter Gomber
Why Getting Started with Data Science Is Scary, and a Necessity : interview with Kim Nilsson
The efl publishes the insights in the form of a periodic newsletter which appears two times a year. Besides a number of printed copies, the efl insights is distributed digitally via E-mail for reasons of saving natural resources. The main purpose of the newsletter is to provide latest efl research results to our audience. Therefore, the main part is the description of two research results on a managerial level – complemented by an editorial, an interview, and some short news.
We study the introduction of single-market liquidity provider incentives in fragmented securities markets. Specifically, we investigate whether fee rebates for liquidity providers enhance liquidity on the introducing market and thereby increase its competitiveness and market share. Further, we analyze whether single-market liquidity provider incentives increase overall market liquidity available for market participants. Therefore, we measure the specific liquidity contribution of individual markets to the aggregate liquidity in the fragmented market environment. While liquidity and market share of the venue introducing incentives increase, we find no significant effect for turnover and liquidity of the whole market.
The financial services industry is believed to be on the verge of a dramatic [r]evolution. A substantial redesign of its value chains aimed at reducing costs, providing more efficient and flexible services and enabling new products and revenue streams is imminent. But there seems to be no clear migration path nor goal which can cast light on the question where the finance industry and its various players will be and should be in a decade from now. The mission of the E-Finance Lab is the development and application of research methodologies in the financial industry that promote and assess how business strategies and structures are shared and supported by strategies and structures of information systems. Important challenges include the design of smart production infrastructures, the development and evaluation of advantageous sourcing strategies and smart selling concepts to enable new revenue streams for financial service providers in the future. Overall, our goal is to contribute methods and views to the realignment of the E-Finance value chain. ...
Kaum eine andere Industrie wurde in den vergangenen beiden Jahrzehnten so massiv durch den Einzug der Informationstechnologie geprägt wie der Wertpapierhandel. Traditionelle Geschäftsmodelle haben sich grundlegend verändert. Das klassische Börsenparkett ist nahezu vollständig elektronischen Handelsplattformen gewichen.