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THE FINANCIAL INDUSTRY HAS EXPERIENCED A CONTINUOUS EVOLUTION IN SERVICE DELIVERY DUE TO DIGITALIZATION. THIS CHANGE MANIFESTS ITSELF IN EXPANDED CONNECTIVITY, ENHANCED SPEED OF INFORMATION PROCESSING, A MULTITUDE OF NEW FINANCIAL PRODUCTS, AND NOVEL FORMS OF CUSTOMER INTERACTION. AGAINST THIS BACKDROP, ACADEMIC RESEARCH HAS ANALYZED THE IMPACT OF DIGITALPROGRESS IN THE FINANCIAL SECTOR. IN ORDER TO PROVIDE AN OVERVIEW ON THIS RESEARCH AND TO IDENTIFY POSSIBLE GAPS, WE HAVE REVIEWED THE RELEVANT LITERATURE IN THIS FIELD APPLYING A SYSTEMATIC AND COMPREHENSIVE SEARCH.
THIS PAPER PROVIDES EMPIRICAL EVIDENCE ON THE IMPACT OF REVIEWER STATUS ONTHE OBJECTIVITY OF HIS CONTRIBUTIONS IN ONLINE COMMUNITIES. WHILE PREVIOUS RESEARCH INDICATES THAT USER-GENERATED ONLINE REVIEWS GUIDE CONSUMER DECISION MAKING, LITTLE IS KNOWN ABOUT DRIVERS OF THE ACTUAL REVIEW GENERATION PROCESS. UTILIZING A DATA SAMPLE COVERING 413,077 REVIEWS POSTED OVER 12 YEARS ON TRIPADVISOR.COM, WE FIND THAT WITH INCREASED USER STATUS, REVIEW OBJECTIVITY INCREASES. THUS, WE CONTRIBUTE TO THEORY BY GENERALIZING THE SO-CALLED "POPULARITY EFFECT" TO A MULTI-DIMENSIONAL “STATUS EFFECT”.
DURING PUMP AND DUMP MARKET MANIPULATIONS, DECEIVERS ADVERTISE STOCKS BY PUBLISHING VERY POSITIVE NEWS TO PROFIT FROM AN INCREASED PRICE LEVEL. MARKET SURVEILLANCE AUTHORITIES HAVE TAKEN SEVERAL COUNTERMEASURES AGAINST SUCH FRAUDULENT STOCK RECOMMENDATIONS, BUT SIMULTANEOUSLY, DECEIVERS HAVE CONSTANTLY UPDATED THEIR TACTICS. THE RESEARCH INVESTIGATES WHETHER SUCH MANIPULATIONS STILL POSE A RISK FOR INVESTORS AND IF YES, WHICH CHARACTERISTICS DRIVE THEIR SUCCESS.
TO DERIVE OPTIMAL ORDER EXECUTION STRATEGIES THAT STRIVE TO MINIMIZE TRANSACTION COSTS, INVESTORS AS WELL AS AUTOMATED TRADING ENGINES MUST BE ABLE TO ANTICIPATE CHANGES IN THE AVAILABLE MARKET LIQUIDITY. BASED ON AN EVENT STUDY ON THE LIQUIDITY IMPACT OF AD-HOC DISCLOSURES, WE PROPOSE A NOVEL IT ARTIFACT THAT ALLOWS AUTOMATED TRADING ENGINES TO APPROPRIATELY REACT TO NEWS-RELATED LIQUIDITY SHOCKS. FURTHERMORE, WE PROVIDE A SIMULATIONBASED EVALUATION THAT SHOWS ITS ECONOMIC RELEVANCE.
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.
DIGITAL CURRENCIES ARE A GLOBALLY SPREADING PHENOMENON THAT IS FREQUENTLY AND PROMINENTLY ADDRESSED BY MEDIA, POLITICS AND ACADEMIA. WE AIM AT GIVING EMPIRICAL INSIGHTS ON WHETHER USERS’ INTEREST REGARDING DIGITAL CURRENCIES IS DRIVEN BY ITS APPEAL AS AN ASSET OR ITS UTILITY AS A CURRENCY. BASED ON OUR EVALUATION, WE FIND STRONG INDICATIONS THAT ESPECIALLY UNINFORMED USERS APPROACHING BITCOIN ARE NOT PRIMARILY INTERESTED IN AN ALTERNATIVE TRANSACTION SYSTEM, BUT SEEK TO PARTICIPATE IN AN ALTERNATIVE INVESTMENT VEHICLE.
