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Bridging markets
(2016)
THE EUROPEAN POST-TRADING LANDSCAPE IS RECENTLY CHANGING FUNDAMENTALLY DUE TO THE FINANCIAL CRISIS, REGULATORY ACTIONS, AND THE STRONG LINKAGE OF GLOBAL FINANCIAL MARKETS. THE SYSTEMIC IMPORTANCE OF POST-TRADING INFRASTRUCTURES UNDERLINES THE INDUSTRY’S SIGNIFICANT DEPENDENCE ON SAFE AND EFFICIENT RISK MANAGEMENT PROCESSES. USING THE DELPHI METHODOLOGY IN A STUDY AMONG A MULTITUDE OF EXPERTS FROM DIFFERENT AREAS OF POST-TRADING, WE TRIED TO DEVELOP A JOINT AND COHERENT VIEW OF THE MOST IMPORTANT ISSUES FOR THE EUROPEAN POST-TRADING SYSTEM IN THE NEAR FUTURE.
THE PRESENT ARTICLE TRIES TO DEMYSTIFY THE LINK BETWEEN THE SUBPRIME BANKING CRISIS AND THE SUBSEQUENT FALL IN GROSS DOMESTIC PRODUCT. AN UP-TO-DATE REVIEW OF THE LITERATURE ON THE REAL CONSEQUENCES OF THE LOSS OF BANK LENDING CAPACITY IS PROVIDED, PRESENTING EVIDENCE OF A DECLINE IN NEW BANK LOANS ALONG WITH EVIDENCE OF CORPORATE REACTIONS TO THIS DECLINE. FINALLY, IT IS SHOWN HOW THE PRESENTED FACTS CAN ADD UP TO AN EVENT OF MACROECONOMIC DIMENSION.
Interview with Markus Habbel, Principal McKinsey & Company. IN THE ACTUAL CRISIS, ENTERPRISES FACE DWINDLING FINANCIAL RESOURCES AND
THE BOTTOM FALLS OUT OF A LOT OF BUSINESS. CHIEF FINANCIAL OFFICERS (CFOs) ARE IN THE EYE OF THE STORM. HOW DOES THEIR ROLE CHANGE?
The financial crisis – consequences for online banks : interview with Dr. Markus Walch, DAB bank
(2010)
NEW TECHNOLOGIES LIKE GRID COMPUTING WHICH CAN CONNECT RESOURCES AT DIVERSE LOCATIONS ARE MORE AND MORE ADOPTED FROM ORGANIZATIONS. SUCH TECHNOLOGIES CAN BOTH TRIGGER LINKAGES BETWEEN ORGANIZATIONS AND DIFFERENT DEPARTMENTS IN ONE SINGLE ORGANIZATION. WE DEVELOP A MODEL WHICH ACCOUNTS BOTH FOR INTER- AND INTRA-ORGANIZATIONAL INFLUENCE FACTORS ON THE ADOPTION PROCESS AND EMPIRICALLY IDENTIFIES THE MOST SIGNIFICANT INFLUENCE FACTORS.
ESPECIALLY IN THE FINANCiAL SERVICES INDUSTRY, FAST ACCESS TO COMMUNICATION NETWORKS AS WELL AS THE AVAILABILITY OF A HIGH-PERFORMANCE INFORMATION AND COMMUNICATION TECHNOLOGY (ICT) INFRASTRUCTURE IS INDISPENSABLE TO ACCELERATE DIGITAL BUSINESS TRANSACTIONS BETWEEN GEOGRAPHICALLY DISPERSED ORGANIZATIONS. SINCE COLOCATION AS AN ICT SOURCING STRATEGY MAY LEAD TO INCREASED OPERATIONAL AGILITY, WE CONDUCTED AN EMPIRICAL STUDY TO INVESTIGATE THE POTENTIAL BUSINESS VALUE GENERATION.
TRADITIONALLY, THE COST OF DEBT IS SOLELY SEEN DEPENDENT ON FIRM OR DEBT CHARACTERISTICS. HOWEVER, INCREASED PRICE TRANSPARENCY AS CAN BE FOUND IN THE U.S. CORPORATE BOND MARKET HAS REDUCED CORPORATE BOND YIELDS. THE OBJECTIVE OF THIS WORK IS TO MEASURE THE SPILL-OVER EFFECT OF INCREASED PRICE TRANSPARENCY IN CORPORATE BONDS ON THE COST OF CORPORATE BORROWING OF SYNDICATED LOANS BY MAKING USE OF A NATURAL EXPERIMENT, I.E., THE INTRODUCTION OF THE TRACE SYSTEM FOR BONDS.
IN THE PAST YEARS THE CUSTOMER FEEDBACK METRIC RECOMMENDATION INTENTION HAS GAINED IMPORTANCE, ESPECIALLY DUE TO THE WIDESPREAD CONCEPT NET PROMOTER SCORE (NPS). THE NPS CONCEPT IMPLIES A POSITIVE, NON-LINEAR RELATIONSHIP BETWEEN RECOMMENDATION INTENTION AND CUSTOMER VALUE. THIS ARTICLE INVESTIGATES THE RELATIONSHIP BETWEEN RECOMMENDATION INTENTION OF INDIVIDUAL CUSTOMERS AND THEIR VALUE FOR THE FIRM. THE RESULTS SHOW THAT RECOMMENDATION INTENTION SIGNIFICANTLY INCREASES CONTRIBUTION MARGIN BUT NEITHER RETENTION NOR CUSTOMER VALUE. THE METRIC SATISFACTION HAS A SIGNIFICANT, POSITIVE IMPACT ON CUSTOMER VALUE AND CAN THUS BE USED AS A LEADING INDICATOR. THEREFORE, THE RESULTS DO NOT CONFIRM THE SUPERIORITY OF THE NPS CONCEPT FOR CUSTOMER MANAGEMENT.
Foreign exchange markets and electronic trading : interview with Carlo Kölzer, 360 Treasury Systems
(2010)
IN DISTRIBUTED WORK ENVIRONMENTS, IT IS ESSENTIAL FOR ORGANIZATIONS TO IMPLEMENT KNOWLEDGE MANAGEMENT SYSTEMS FOR ENABLING EFFICIENT KNOWLEDGE TRANSFER BETWEEN THEIR EMPLOYEES. IN A STUDY, WE THEREFORE DEVELOP AND EMPIRICALLY TEST A CONCEPTUAL MODEL TO DEEPEN OUR UNDERSTANDING ABOUT THE FACTORS WHICH INFLUENCE KNOWLEDGE TRANSFER QUALITY IN SOCIAL MEDIA ENABLED ELECTRONIC NETWORKS OF PRACTICE. ACCORDINGLY, THE FINDINGS PROVIDE GUIDANCE FOR THE DESIGN AND EVALUATION OF INFORMATION SYSTEMS THAT SUPPORT THE TRANSFER OF KNOWLEDGE BETWEEN PHYSICALLY DISTRIBUTED CO-WORKERS.
THE WAY IN WHICH PEOPLE COMMUNICATE AFFECTS THEIR RELATIONSHIPS, SOCIAL NETWORK STRUCTURES AND ULTIMATELY THE SOCIAL CAPITAL ACQUIRED THROUGH THEIR CONNECTIONS. SOCIAL CAPITAL IS A KEY FACTOR FOR THE PERFORMANCE OF INDIVIDUALS AND ORGANIZATIONS. THEREFORE, COMPANIES IN THE FINANCIAL SERVICES INDUSTRY INCREASINGLY IMPLEMENT SOCIAL MEDIA PLATFORMS TO FACILITATE COMMUNICATION AMONG EMPLOYEES AND TO LEVERAGE THE SOCIAL CAPITAL BENEFITS. ANALYZING THE INDIVIDUAL NETWORK STRUCTURES OF DIFFERENT COMMUNICATION TYPES, WE FIND THAT A MORE SELF-DISCLOSING COMMUNICATION TYPE (“MEFORMER”) BENEFITS FROM A HIGHER EFFICACY IN BUILDING SOCIAL CAPITAL COMPARED TO A PRIMARILY FACTUAL-ORIENTED COMMUNICATION TYPE (“INFORMER”).
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.
SOCIAL NETWORKS ARE COMMONLY USED IN PRIVATE AND BUSINESS LIFE. DIFFERENT STUDIES OUTLINE THAT THIS TREND WILL INCREASE IN THE NEARER FUTURE. IN ORDER TO UNDERSTAND THE BEHAVIORAL INTENTION TO PARTICIPATE IN SOCIAL NETWORKS OF NEXT GENERATION EMPLOYEES, WE EXTENDED THE WELL-ESTABLISHED THEORY OF PLANNED BEHAVIOUR TO HABIT AND INFORMATION OVERLOAD. USING SURVEY DATA FROM 262 PARTICIPANTS, WE FOUND THAT THE OVERLOAD OF INFORMATION PLAYS AN IMPORTANT ROLE TO PARTICIPATE IN SOCIAL NETWORKS, BESIDES THE HABIT TO USE SUCH NETWORKS.
Customer equity reporting
(2014)
WHARTON SCHOOL OF BUSINESS AT UNIVERSITY OF PHILADELPHIA HAS JUSTLAUNCHED AN 8-WEEK ONLINE PROGRAM “STRATEGIC VALUE OF CUSTOMER RELATIONSHIPS – ONLINE” TAUGHT BY MARKETING PROFESSOR AND AUTHOR PETER FADER. HE INVITED PROFESSOR SKIERA, DIRECTOR OF THE E-FINANCE LAB, TO PHILADELPHIA TO LEARN ABOUT HIS THOUGHTS ON “CUSTOMER EQUITY REPORTING”. THIS ARTICLE SUMMARIZES SOME OF PROFESSOR FADER’S QUESTIONS AND PROFESSOR SKIERA’S REPLIES.
SOCIAL MEDIA PLATFORMS PRESENT UNIQUE POSSIBILITIES FOR COMPANIES TO INTERACT WITH THEIR CUSTOMERS AND TAKE UP A KEY ROLE IN BUILDING RELATIONSHIPS. HOWEVER, LITTLE IS KNOWN CONCERNING THE FINANCIAL RETURN ON INVESTMENT FROM SOCIAL MEDIA ENGAGEMENT AND SPECIFIC STRATEGIES TO LEVERAGE IT. THE ANALYSIS OF OVER 1.5 MILLION TWEETS REVOLVING AROUND TEN CAR MANUFACTURERS SUGGESTS THAT COMPANIES CAN INCREASE THEIR SALES VOLUME THROUGH GREATER RELATIONSHIP INVESTMENT AND BY ADOPTING A SOCIAL MEDIA STRATEGY THAT PROMOTES THE USERS’ RELATIONSHIP SATISFACTION.
TO INCREASE THE INFORMATION SECURITY AWARENESS AMONG THEIR WORKFORCE AND TO ACHIEVE SECURE INFORMATION SYSTEMS, DECISION-MAKERS EMPLOY MEASURES OF INFORMATION SECURITY, SUCH AS SECURITY POLICIES OR ASSOCIATED TRAINING AND EDUCATIONAL PROGRAMS. HOWEVER, THESE MEASURES MIGHT STRESS EMPLOYEES. THIS IS TRUE IF, FOR INSTANCE, INFORMATION SECURITY MEASURES ARE PERCEIVED AS DIFFICULT TO UNDERSTAND, AS AN INVASION OF PRIVACY, OR IF THEY GIVE RISE TO CONFLICTS OF INTEREST. CONSEQUENTLY, A MULTI-FACETED PERSPECTIVE ON EMPLOYEES' STRUGGLE WITH INFORMATION SECURITY IS DISCUSSED.
PRO-CYCLICALITY OF COLLATERAL HAIRCUTS AND MARGINS HAS BECOME A WIDELY PROCLAIMED BEHAVIOUR BUT EMPIRICAL EVIDENCE ON THIS TOPIC IS QUITE SPARSE AND THE DISCUSSIONS ARE PRIMARILY DRIVEN BY INSIGHTS DERIVED FROM THEORETICAL MODELS. BASED ON A UNIQUE DATA SET, WE CONSTRUCT A MEASURE OF SYSTEMIC ILLIQUIDITY OF BOND COLLATERALS AND APPLY BUBBLE DETECTION TECHNIQUES TO IDENTIFY IRRATIONAL BEHAVIOUR AND PRO-CYCLICAL TENDENCIES. FINALLY, WE PROPOSE A QUANTITATIVE TRIGGER AND DESIGN FOR MACROPRUDENTIAL HAIRCUT ADD-ONS.
Interview with Piebe Teeboom, Secretary General FIA European Principal Traders Association
TechQuartier to boost the start-up scene in Frankfurt am Main : interview with Sebastian Schäfer
(2017)
Interview with Sebastian Schäfer, Managing Director TechQuartier, Frankfurt
Interview with Hauke Stars, Member of the Executive Board Deutsche Börse AG
THE PRICE-TO-EARNINGS (P/E) RATIO IS ONE OF THE MOST IMPORTANT METRICS FOR VALUING FIRMS. UNFORTUNATELY, INTERPRETATIONS OF HIGH-GROWTH FIRMS’ P/E RATIOS CAN BE CHALLENGING, BECAUSE THEY FREQUENTLY EXHIBIT EITHER EXTREMELY HIGH OR NEGATIVE VALUES. WE SHOW THAT THE USE OF CUSTOMER METRICS ALLOWS FOR BETTER INTERPRETING THESE P/E RATIOS, THAT IMPROVEMENTS IN CUSTOMER METRICS HAVE NON-INTUITIVE AND SURPRISING EFFECTS ON THE P/E RATIO, AND THAT OUR NEW MODEL BETTER PREDICTS FUTURE P/E RATIOS THAN EXISTING MODELS.
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.
UNDERSTANDING THE COMPETITIVE ENVIRONMENT FOR DIGITAL CONSUMER ATTENTION IS CRUCIAL FOR BANKS’ STRATEGIC ACTIONS. THEREFORE, BANKS NEED TO DETERMINE THE MARKET THEY COMPETE FOR, THEIR SUCCESS ON THIS MARKET, AND WHO THEY COMPETE WITH FOR CONSUMER ATTENTION. USING ORGANIC SEARCH ENGINE DATA, WE PROPOSE A NEW APPROACH TO (I) DEFINE THE DIGITAL MARKET, (II) IDENTIFY THE PLAYERS IN THE MARKET, (III) ESTIMATE THE DISTRIBUTION OF DIGITAL CONSUMER ATTENTION ACROSS BANKS, AND (IV) UNCOVER THE COMPETITIVE MARKET STRUCTURE FOR THE ONLINE RETAIL BANKING MARKET IN GERMANY.
STUDIES HAVE FOCUSED ON INNOVATIONS IN VARIOUS CONTEXTS BUT LARGELY EXCLUDED FINANCIAL INNOVATIONS, DESPITE THEIR NOTABLE IMPORTANCE. THIS STUDY ANALYZES THE TYPES OF FINANCIAL INNOVATIONS BY MAJOR BANKS AND THEIR PAYOFFS. THE RESULTS INDICATE THAT SECURITY AND CREDIT INSTRUMENTS CONSTITUTE THE MOST COMMON FINANCIAL INNOVATIONS. THE AVERAGE RETURNS TO A FINANCIAL INNOVATION ARE $146 MILLION. IN ADDITION, RADICALNESS AND FINANCIAL RISKINESS INCREASE THE RETURNS, WHEREAS COMPLEXITY DECREASES THEM.
RECENTLY, PASSIVE ETFS AND INDEX FUNDS HAVE BECOME POPULAR AMONG INDIVIDUAL INVESTORS. IN OUR STUDY, WE INVESTIGATE WHETHER INDIVIDUAL INVESTORS BENEFIT FROM USING THEM. WITH DATA FROM ONE OF THE LARGEST BROKERAGES IN GERMANY, WE FIND THAT INDIVIDUAL INVESTORS WORSEN THEIR PORTFOLIO PERFORMANCE AFTER USING THESE PRODUCTS IN COMPARISON TO NON-USERS. SINCE THESE SECURITIES MAKE MARKET TIMING EASIER, FURTHER ANALYSIS REVEALS THAT THE DECREASE IN USERS’ PORTFOLIO PERFORMANCE IS PRIMARILY DUE TO BAD MARKET TIMING.
THIS STUDY INVESTIGATES WHAT HAPPENS WHEN RETAIL CUSTOMERS ARE OFFERED FREE AND UNBIASED ADVICE. USING A LARGE FIELD EXPERIMENT IT SHOWS THAT THOSE WHO ACCEPT THE OFFER (5%) ARE MORE LIKELY TO BE MALE, OLDER, WEALTHIER, MORE EXPERIENCED AND MORE FINANCIALLY SOPHISTICATED. HOWEVER, EVEN THOUGH THE ADVICE WOULD HAVE HELPED, IT ACTUALLY LARGELY FAILED TO HELP BECAUSE THE CUSTOMERS DID NOT LISTEN TO IT. OVERALL, OUR RESULTS SUGGEST THAT THE MERE AVAILABILITY OF UNBIASED FINANCIAL ADVICE IS A NECESSARY BUT NOT SUFFICIENT CONDITION FOR BENEFITING RETAIL CUSTOMERS.
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.
WE STUDY WHETHER PRIVATE EQUITY (PE) FIRMS HAVE A POSITIVE IMPACT ON THE FINANCIAL PERFORMANCE OF THEIR GERMAN PORTFOLIO COMPANIES BEFORE AND AFTER THE IPO. OUR EMPIRICAL ANALYSIS IS BASED ON A UNIQUE AND LARGE DATASET OF ALL IPOS IN GERMANY BETWEEN 2000 AND 2007. WE FIND THAT PE FIRMS SELECT COMPANIES WITH BELOW AVERAGE PERFORMANCE AND THEN IMPROVE PERFORMANCE SUBSTANTIALLY UNTIL THE IPO DATE AND IN MANY CASES ALSO THEREAFTER. THIS IMPLIES THAT PE FIRMS FILL A VOID ALSO IN GERMAN FINANCIAL MARKETS AND THAT THEY WILL ALSO PLAY A FUTURE ROLE IN FINANCING GERMAN ENTERPRISES.
INDIVIDUAL INVESTORS ARE REPEATEDLY FOUND TO UNDERPERFORM RELATIVE TO A MARKET INDEX. BESIDES EXCESSIVE TRADING, LITTLE IS KNOWN WHEN RETAIL INVESTORS COLLECTIVELY LOSE. THIS ARTICLE SHOWS THAT TRADING IN SHORT-SELLING CONSTRAINED, VOLATILE STOCKS AROUND EARNINGS ANNOUNCEMENTS IS COSTLY TO INDIVIDUAL INVESTORS. THE EFFECT IS PARTICULARLY PRONOUNCED FOR LESS SOPHISTICATED INVESTORS.
THE FINANCIAL SERVICES INDUSTRY IS OPERATING IN HIGHLY VOLATILE MARKETS.
TO CONSIDER THE IMPACT OF UNCERTAIN MARKET ENVIRONMENTS ON INAND OUTSOURCING DECISIONS, WE INTRODUCE A REAL OPTIONS BASED DECISION SUPPORT MODEL. WE APPLY THE MODEL TO AN IT INFRASTRUCTURE OUTSOURCING DECISION AND DETERMINE - BASED ON COST SAVINGS RESULTING FROM OUTSOURCING AND OPTION VALUES ACCOUNTING FOR UNCERTAINTY - DIFFERENT “TRIGGER” OUTPUT VOLUMES WHICH INDICATE IF IN- OR OUTSOURCING IS PREFERABLE. FINALLY WE SHOW THAT THE MODEL CAN ALSO BE TRANSFERRED TO SOURCING DECISIONS OF TRANSACTION BASED BUSINESS PROCESSES LIKE CLEARING AND SETTLEMENT OF SECURITIES.
ROBO-ADVICE HAS THE POTENTIAL TO DISRUPT THE MARKET FOR FINANCIAL ADVICE. ALGORITHMS ALREADY DELIVER LOW-COST, AUTOMATIC, AND STANDARDIZED INVESTMENT GUIDANCE TO CLIENTS FROM ALL WEALTH LEVELS AND ESPECIALLY TO THOSE PREVIOUSLY EXCLUDED FROM PERSONAL FACE-TO-FACE ADVICE. TODAY’S OFFERINGS CONCENTRATE ON CONVENIENCE AND COMPLEXITY REDUCTION, COUPLED WITH PASSIVE INVESTMENTS. THE NEXT STEP WILL ADVANCE ALGORITHMS TO DELIVER TAILOR-MADE DECISION SUPPORT FOR THE GROWING NUMBER OF SELF-DIRECTED INVESTORS. THIS ARTICLE PRESENTS REAL-LIFE EMPIRICAL RESULTS ON THE INTRODUCTION OF A PORTFOLIO OPTIMIZATION TOOL THAT GUIDES BROKERAGE CLIENTS TOWARDS INDIVIDUAL OPTIMAL PORTFOLIOS.
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.
THE FINANCIAL TRANSACTION TAX (FTT) IMPLEMENTATION IN FRANCE IN MID 2012 IS CONSIDERED A LANDMARK DEVELOPMENT WITHIN SECURITIES MARKETS REGULATION. HOWEVER, UNTIL TODAY, THE CONTROVERSY ABOUT POSSIBLE DRAWBACKS AND PRACTICAL APPLICABILITY HAS NOT REACHED A CONCLUSION AND CONSEQUENCES FOR MARKET QUALITY ARE YET TO BE THOROUGHLY ASSESSED. IN THIS LIGHT, A RIGOROUS EVALUATION OF THE FTT’S EFFECT ON MARKET QUALITY IS HIGHLY DESIRABLE.
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.
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.
NOWADAYS, ORGANIZATIONS ARE INCREASINGLY RELYING ON THIRD PARTIES TO SUPPLY VITAL IT SERVICES, WITH THE COMMUNICATION BEING PREDOMINATELY CONDUCTED VIA THE INTERNET. THIS, HOWEVER, POTENTIALLY EXHIBITS SENSITIVE BUSINESS INFORMATION TO OUTSIDERS. IN THIS ARTICLE, WE SHOW WHICH UNDESIRED SIDE EFFECTS STATE-OFTHE ART COUNTER MEASURES MAY HAVE.
CURRENTLY THE REALIZATION OF SERVICE-ORIENTED ARCHITECTURE (SOA) IMPLEMENTATION IN THE GERMAN BANKING INDUSTRY VARIES, WHEREAS SOME ARE IN THE ADOPTION PHASE AND SOME ARE ALREADY IN THE SOA OPERATION PHASE. THIS ARTICLE FOCUSES ON SPECIFIC IMPLICATIONS CONCERNING THE SOA READINESS AND THE SOA MATURITY OF GERMAN BANKS AS WELL AS THE ROLE OF SOA IN THE CONTEXT OF M&A SCENARIOS.
A RECENT SURVEY SHOWS THE IMPORTANCE OF DEDICATED GOVERNANCE STRATEGIES FOR MANAGING SERVICE-ORIENTED ARCHITECTURES IN BANKS. IN ORDER TO IMPLEMENT NOVEL GOVERNANCE STRATEGIES, THE EXISTING IT ORGANIZATION HAS TO BE ADAPTED ACCORDINGLY. THIS REPORT PRESENTS ENHANCEMENTS OF CLASSICAL IT ORGANIZATIONS.
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.
OVER THE LAST DECADE, IT PROVISIONING VIA CLOUDS HAS BECOME A COMMON PRACTICE. MEANWHILE, COMPLEX SOFTWARE SERVICES WITH STRINGENT QUALITY OF SERVICE (QOS) REQUIREMENTS ARE DELIVERED BY CLOUD PROVIDERS OVER THE INTERNET. TO ACHIEVE A COST-EFFICIENT AND QOS-AWARE SERVICE PROVISIONING, THE SELECTION OF APPROPRIATE CLOUD RESOURCES IS A HIGHLY IMPORTANT TASK. IN THIS REPORT, WE OFFER CONCEPTS AND TOOLS TO SERVICE PROVIDERS FOR AN ACCELERATED RESOURCE SELECTION IN LARGE ENVIRONMENTS.
IN COMPARISON TO TRADITIONAL IT PARADIGMS, CLOUD COMPUTING ENABLES TO OBTAIN DESIRED COMPUTING RESOURCES ON-DEMAND WITHOUT REQUIRING LARGE, UPFRONT INVESTMENTS AND TO DYNAMICALLY ADAPT AND SCALE THESE RESOURCES TO VARYING BUSINESS REQUIREMENTS. HOWEVER, CLOUD COMPUTING IS NOT A PANACEA. THIS DRIVES THE NEED TO EXAMINE THE SPECIFIC REASONS AND REQUIREMENTS FOR CLOUD ADOPTION IN PRACTICE. HERE, WE FOLLOW AN ANALYTICAL APPROACH TO EXAMINE CLOUD ADOPTION BY CONDUCTING A LITERATURE SURVEY AND AN EMPIRICAL STUDY.
CLOUDS ARE INCREASINGLY BEING USED FOR THE DELIVERY OF COMPLEX SOFTWARE SERVICES WITH STRINGENT QUALITY OF SERVICE (QOS) DEMANDS. IN ORDER TO ACHIEVE COST-EFFICIENT PROVISION THROUGH THE UNDERLYING INFRASTRUCTURE, A SUITABLE SELECTION OF CLOUD DATA CENTERS IS REQUIRED. THIS REPORT PRESENTS A CORRESPONDING OPTIMIZATION APPROACH, WHICH IS SUITABLE FOR BOTH PRIVATE AND PUBLIC CLOUD SETTINGS.
TODAY’S CLOUD CONSUMERS HAVE VERY LIMITED MEANS FOR VERIFYING THE COMPLIANCE TO PRIOR NEGOTIATED SLAS INDEPENDENTLY FROM A CLOUD PROVIDER. IN ORDER TO OBTAIN RELIABLE MEANS FOR SERVICE MONITORING, WE PROPOSE AN INTERMEDIARY-BASED SOLUTION IN CONJUNCTION WITH DIFFERENT STRATEGIES FOR ROBUST CLOUD MONITOR PLACEMENT.
THE RECENT EVOLUTION OF SMART CONTRACTS AND THEIR FAST ADOPTION ALLOW TO RETHINK PROCESSES AND TO CHALLENGE TRADITIONAL STRUCTURES. THEREFORE, WE INTRODUCE THE UNDERLYING TECHNOLOGY AND RECENT IMPROVEMENTS. FURTHER, WE PROVIDE AN OVERVIEW OF HOW THE INSURANCE SECTOR MAY BE AFFECTED BY BLOCKCHAIN TECHNOLOGY AND SMART CONTRACTS. WE SHOW AN EXEMPLARY USE CASE AND EMPHASIZE CURRENT CHALLENGES AND LIMITATIONS IN THIS AREA.
The COVID-19 pandemic has caused strains on health systems worldwide disrupting routine hospital services for all non-COVID patients. Within this retrospective study, we analyzed inpatient hospital admissions across 18 German university hospitals during the 2020 lockdown period compared to 2018. Patients admitted to hospital between January 1 and May 31, 2020 and the corresponding periods in 2018 and 2019 were included in this study. Data derived from electronic health records were collected and analyzed using the data integration center infrastructure implemented in the university hospitals that are part of the four consortia funded by the German Medical Informatics Initiative. Admissions were grouped and counted by ICD 10 chapters and specific reasons for treatment at each site. Pooled aggregated data were centrally analyzed with descriptive statistics to compare absolute and relative differences between time periods of different years. The results illustrate how care process adoptions depended on the COVID-19 epidemiological situation and the criticality of the disease. Overall inpatient hospital admissions decreased by 35% in weeks 1 to 4 and by 30.3% in weeks 5 to 8 after the lockdown announcement compared to 2018. Even hospital admissions for critical care conditions such as malignant cancer treatments were reduced. We also noted a high reduction of emergency admissions such as myocardial infarction (38.7%), whereas the reduction in stroke admissions was smaller (19.6%). In contrast, we observed a considerable reduction in admissions for non-critical clinical situations, such as hysterectomies for benign tumors (78.8%) and hip replacements due to arthrosis (82.4%). In summary, our study shows that the university hospital admission rates in Germany were substantially reduced following the national COVID-19 lockdown. These included critical care or emergency conditions in which deferral is expected to impair clinical outcomes. Future studies are needed to delineate how appropriate medical care of critically ill patients can be maintained during a pandemic.
In patients with von Willebrand disease (vWD) the interest in age-related comorbidities has grown, because the life expectancy of these patients has increased. The research question of this study was whether patients with vWD show a different endothelial function compared to the general population. A total of 37 patients with type 1 (n = 23), type 2 (n = 10) and type 3 (n = 4) vWD, 14 controls and 38 patients with coronary artery disease (CAD) were included in this study. Five markers of endothelial dysfunction (MOED) were determined. Moreover, the endothelial function was examined using the Itamar Endo-PAT. The reactive hyperemia index (RHI) was calculated from the results. The markers soluble intercellular adhesion molecule-1 (p = 0.171), P-Selectin (p = 0.512), interleukin-6 (p = 0.734) and monocyte chemoattractant protein-1 (p = 0.761) showed higher levels in patients with vWD, but were not significantly different compared to the control group. RHI was impaired in CAD-patients (1.855), whereas vWD patients had mean results of 1.870 and controls 2.112 (p = 0.367). In this study, the endothelial function measurements of patients with von Willebrand disease were not significantly different compared to healthy controls.
Interleukin-7 (IL-7) is an important cytokine with pivotal pro-survival functions in the adaptive immune system. However, the role of IL-7 in innate immunity is not fully understood. In the present study, the impact of hepatic IL-7 on innate immune cells was assessed by functional experiments as well as in patients with different stages of liver cirrhosis or acute-on-chronic liver failure (ACLF). Human hepatocytes and liver sinusoidal endothelial cells secreted IL-7 in response to stimulation with interferons (IFNs) of type I and II, yet not type III. De novo translation of interferon-response factor-1 (IRF-1) restricted IL-7 production to stimulation with type I and II IFNs. LPS-primed human macrophages were identified as innate immune target cells responding to IL-7 signaling by inactivation of Glycogen synthase kinase-3 (GSK3). IL-7-mediated GSK3 inactivation augmented LPS-induced secretion of pro-inflammatory cytokines and blunted LPS tolerance of macrophages. The IFN-IRF-1-IL-7 axis was present in liver cirrhosis patients. However, liver cirrhosis patients with or without ACLF had significantly lower concentrations of IL-7 in serum compared to healthy controls, which might contribute to LPS-tolerance in these patients. In conclusion, we propose the presence of an inflammatory cascade where IFNs of type I/II induce hepatocellular IL-7 in an IRF-1-restriced way. Beyond its role in adaptive immune responses, IL-7 appears to augment the response of macrophages to LPS and to ameliorate LPS tolerance, which may improve innate immune responses against invading pathogens.
Einleitung: Der Typ 1 Diabetes (T1D) ist eine Autoimmunendokrinopathie, die mit zahlreichen Langzeitkomplikationen assoziiert ist. Kardiovaskuläre Erkrankungen (CVD) stellen hierbei den zentralen Grund für Morbidität und Mortalität dar. Ihre Pathogenese wird zunehmend im Kontext autoimmunologischer Prozesse diskutiert. Wir konnten bereits zeigen, dass Vitamin D (VD) sowohl immunmodulatorische als auch gefäßprotektive Effekte vermittelt. Daher untersuchten wir, ob durch VD die inflammatorische Aktivität CD8+ zytotoxischer T-Zellen (CTL) von Patienten mit T1D ohne und mit kardiovaskulärer Komplikation beeinflusst werden kann.
Methoden: Primär isolierte CTLs von sowohl Patienten mit T1D ohne (T1D Ø CVD, n = 20) und mit CVD (T1D + CVD, n = 20) als auch von gesunden Kontrollprobanden (HCs , n = 20) wurden über 72 h in An- bzw. Abwesenheit (+/-VD) von VD (1,25(OH)2D3) kultiviert. Die relative mRNA-Transkriptmenge der Zytokine IL-2, TNF-α, IFN-γ, IL-4, IL-6 und IL-10 sowie der Zelloberflächen- und Seneszenzmarker CD28, CD57 und CD95 wurde mittels RTqPCR analysiert. Zudem wurde die Proteinkonzentration der sezernierten Zytokine mittels CBA quantifiziert.
Ergebnisse: Die VD-Behandlung in vitro reduzierte die relative mRNA-Transkriptmenge von IL-2 (p = 0.01 und p = 0.02 resp.) und IFN-γ (p = 2x10-6 resp.) in CTLs von Patienten und HCs während die Genexpression von IL-4 (p = 2x10-6 und p = 2x10-3 resp.) und IL-6 (p = 2x10-6 und p = 4x10-6 resp.) erhöht wurde. Überdies war der VD-Effekt (ΔVDbehandelt-unbehandelt) auf die IL-4 Genexpression bei T1D + CVD stärker ausgeprägt als in der Kontrollgruppe (1.7 vs. 1.1; p = 0.03). Subgruppenanalysen zeigten zudem eine reduzierte IL-2 Genexpression durch die Behandlung mit VD in vitro bei T1D + CVD bei manifester diabetischer Nephropathie (142 vs. 97; p = 0.04) wohingegen dies bei erhaltener Nierenfunktion nicht beobachtet werden konnte (62 vs. 56; p = 0.31).
Schlussfolgerung: Die breite Modifikation der Genexpressionslevel untersuchter Zytokine bestätigt den immunmodulatorischen Effekt von VD bei Patienten mit T1D und kardiovaskulärer Komplikation. Die stark reduzierte Genexpression des pro-inflammatorischen IFN-γ legt hierbei einen potenziellen Effekt von VD in der Prävention chronisch-inflammatorischer Prozesse nahe. Die gruppenübergreifend unterschiedlich ausgeprägten VD-Effekte auf die Genexpression von IL-4 sowie die Subgruppenanalysen deuten jedoch auf eine relevante Heterogenität der immunmodulatorischen VD-Effekte hin: sowohl der individuelle klinische Zustand unter Einbeziehung assoziierter Komorbiditäten wie der diabetischen Nephropathie als auch die genetischen Variationen des VD-Systems müssen in groß angelegten Follow-up-Studien weiter untersucht werden, um optimale VD-Dosis-Effekte für klinisch relevante Subgruppen zu identifizieren.
In dieser Arbeit werden die Ergebnisse quantenchemischer Untersuchungen von verschiedenen Siliciumverbindungsklassen vorgestellt, die in weiten Teilen als Begleitung zu experimentellen Arbeiten durchgeführt wurden. Das erste Hauptkapitel befasst sich mit den Chloridkomplexen von Perchlorsilanen, zu denen die inversen Sandwichkomplexe und die Silafullerane mit endohedralem Gast gehören. Der Fokus liegt dabei auf den Bindungseigenschaften zwischen Ligand und Silan. Weiterhin werden thermodynamische Untersuchungen zu Aufbaureaktionen und Eigenschaften der Verbindungen vorgestellt. Mit den durchgeführten Rechnungen kann gezeigt werden, dass durch Wahl geeigneter Substituenten am Siliciumatom ein Wechsel in den Chloridkomplexen von einem hyperkoordinierten Siliciumatom hin zu einem Siliciumatom mit ausgebildeter Tetrelbindung erreicht werden kann. Bei den inversen Sandwichkomplexen sind beide Bindungsmodi möglich, von denen die Tetrelbindung die stärkere darstellt. Neben Chloridionen können hier auch Nitrile und Chlorsubstituenten am eigenen Silangerüst als Liganden fungieren. Die stärksten Tetrelbindungen können bei den endohedral funktionalisierten Silafullerankomplexen gefunden werden. Hier stellt das experimentell isolierte Strukturmotiv mit zwölf äußeren Trichlorsilylsubstituenten das thermodynamisch stabilste Substitutionsmuster dar. Im folgenden Kapitel werden die generellen physikalischen Ursachen für die beobachteten thermodynamischen Trends zwischen Perchlorsilanisomeren sowie Disproportionierungsreaktionen behandelt und ein direkter Vergleich mit Alkanhomologen angestellt. Bei den Perchlorsilanen und den meisten Homologen ist bei den untersuchten Systemen eine energetische Präferenz von verzweigteren Strukturen zu erkennen. Die Ursache hierfür liegt hauptsächlich bei stärkeren attraktiven Wechselwirkungen durch Korrelationseffekte, Hyperkonjugation sowie elektrostatische Effekte, welche stärkere repulsive Wechselwirkungen wie die Pauli-Repulsion überkompensieren. Im letzten Kapitel kommen zu den bisher behandelten Reaktionen unter Si-Cl- und Si-Si-Bindungsbeteiligung noch Reaktionen unter Si-C-Bindungsbeteiligungen hinzu. Dort werden die auch wegen ihrer Elektronentransporteigenschaften interessanten Silacyclopentadiene (Silole) hinsichtlich ihrer Isomerisierung, Dimerisierung und weiteren pericyclischen Reaktivität untersucht. Gegenüber dem verwandten Cyclopentadien zeigen diese eine deutlich erhöhte Reaktivität, was zu verschiedenen Dimerisierungsreaktionen führt, solange keine Abfangreagenzien im Überschuss zugegen sind.
Although the elderly are more vulnerable to COVID-19, the empirical evidence suggests that they do not behave more cautiously in the pandemic than younger individuals. This theoretical model argues that some individuals might not comply with the COVID-19 measures to reassure themselves that they are not vulnerable, and that the incentives for such self-signaling can be stronger for the elderly. The results suggest that communication strategies emphasizing the dangers of COVID-19 could backfire and reduce compliance among the elderly.
We study risk taking in a panel of subjects in Wuhan, China - before, during the COVID-19 crisis, and after the country reopened. Subjects in our sample traveled for semester break in January, generating variation in exposure to the virus and quarantine in Wuhan. Higher exposure leads subjects to reduce planned risk taking, risky investments, and optimism. Our findings help unify existing studies by showing that aggregate shocks affect general preferences for risk and economic expectations, while heterogeneity in experience further affect risk taking through beliefs about individuals’ own outcomes such as luck and sense of control.
JEL Classification: G50, G51, G11, D14, G41
This article studies whether people want to control what information on their own past pro-social behavior is revealed to others. Participants are assigned a color that depends on their past pro-social behavior. They can spend money to manipulate the probability with which their color is revealed to another participant. The data show that participants are more likely to reveal colors with more favorable informational content. This pattern is not found in a control treatment in which colors are randomly assigned, thus revealing nothing about past pro-social behavior. Regression analysis confrms these fndings, also when controlling for past pro-social behavior. These results complement the existing empirical evidence, confrming that people strategically and, therefore, consciously manipulate their social image.
1. Recent research highlights the ecological importance of individual variation in behavioural predictability. Individuals may not only differ in their average expression of a behavioural trait (their behavioural type) and in their ability to adjust behaviour to changing environmental conditions (individual plasticity), but also in their variability around their average behaviour (predictability). However, quantifying behavioural predictability in the wild has been challenging due to limitations of acquiring sufficient repeated behavioural measures.
2. We here demonstrate how common biologging data can be used to detect individual variation in behavioural predictability in the wild and reveal the coexistence of highly predictable individuals along with unpredictable individuals within the same population.
3. We repeatedly quantified two behaviours—daily movement distance and diurnal activity—in 62 female brown bears Ursus arctos tracked across 187 monitoring years. We calculated behavioural predictability over the short term (50 consecutive monitoring days within 1 year) and long term (across monitoring years) as the residual intra-individual variability (rIIV) of behaviour around the behavioural reaction norm. We tested whether predictability varies systematically across average behavioural types and whether it is correlated across functionally distinct behaviours, that is, daily movement distance and amount of diurnal activity.
4. Brown bears showed individual variation in behavioural predictability from predictable to unpredictable individuals. For example, the standard deviation around the average daily movement distance within one monitoring year varied up to fivefold from 1.1 to 5.5 km across individuals. Individual predictability for both daily movement distance and diurnality was conserved across monitoring years. Individual predictability was correlated with behavioural type where individuals which were on average more diurnal and mobile were also more unpredictable in their behaviour. In contrast, more nocturnal individuals moved less and were more predictable in their behaviour. Finally, individual predictability in daily movement distance and diurnality was positively correlated, suggesting that individual predictability may be a quantitative trait in its own regard that could evolve and is underpinned by genetic variation.
5. Unpredictable individuals may cope better with stochastic events and unpredictability may hence be an adaptive behavioural response to increased predation risk.