Alle Publikationen der Fakultät für Wirtschaftswissenschaften

The paper investigates the impact of individual attention on investor risk-taking. We analyze a large sample of trading records from a brokerage service that allows its customers to trade contracts-for-differences (CFD), and sends standardized push messages on recent stock performance to its client investors. The advantage of this sample is that it allows us to isolate the "push" messages as individual attention triggers, which we can directly link to the same individuals' risk-taking. A particular advantage of CFD trading is that it allows investors to make use of leverage, which provides us a pure measure of investors' willingness to take risks that is independent of the decision to purchase a particular stock. Leverage is a major catalyst of speculative trading, as it increases the scope of extreme returns, and enables investors to take larger positions than what they can afford with their own capital. We show that investors execute attention-driven trades with higher leverage, compared to their other trades, as well as those of other investors who are not alerted by attention triggers.

Unternehmen investieren zunehmend in Angebote Betrieblicher Gesundheitsförderung (BGF). Dabei stellt sich die Frage nach dem Kosten-Nutzen-Verhältnis jenseits des individuellen Nutzens durch die Förderung der Mitarbeitergesundheit. Deshalb wurden im Rahmen einer Sekundäranalyse Effekte der BGF auf den Unternehmenserfolg berechnet. Die Ergebnisse lassen vermuten, dass sich eine verhaltensorientierte BGF kaum positiv auf die Arbeitsproduktivität und Kommunikationsstruktur in Unternehmen auswirkt.

Employing a unique and hand-collected sample of 648 true sale loan securitization transactions issued by 57 stock-listed banks across the EU-12 plus Switzerland over the period from 1997 to 2010, this paper empirically analyzes the relationship between true sale loan securitization and the issuing banks’ non-performing loans to total assets ratios. Overall, we provide evidence for a negative impact of securitization on NPL exposures suggesting that banks predominantly used securitization as an instrument of credit risk transfer and diversification. In addition, the analysis at hand reveals a time-sensitive relationship between securitization and NPL exposures. While we observe an even stronger NPL-reducing effect through securitization during the non-crisis periods, the effect reverses during and after the global financial crisis suggesting that banks were forced to provide credit enhancement and employ securitization as a funding management tool. Along with the results from a variety of sensitivity analyses our study provides important implications for the recent debate on reducing NPL exposures of European banks by revitalizing the European securitization market.

We analyse the two-dimensional Nash bargaining solution (NBS) by deploying the standard labour market negotiations model of McDonald and Solow (1981). We show that the two-dimensional bargaining problem can be decomposed into two one-dimensional problems, such that the two solutions together replicate the solution of the two-dimensional problem if the NBS is applied. The axiom of Independence of Irrelevant Alternatives is shown to be crucial for this type of decomposability. This result has significant implications for actual negotiations because it allows for the decomposition of a multi-dimensional bargaining problem into one-dimensional problems---and thus helps to facilitate real-world negotiations.

<jats:title>Zusammenfassung</jats:title><jats:p>Durch technologische Fortschritte in den letzten Jahren ist Virtual Reality erschwinglicher und benutzerfreundlicher geworden, sodass Unternehmen die Einführung der Technologie verstärkt in Betracht ziehen. Ihren Aufschwung erlebte die Technologie jedoch durch die Unterhaltungs- und Spieleindustrie, weshalb sich für Unternehmen die Frage nach sinnvollen Anwendungsfällen stellt. Nach der Affordance-Experimentation-Actualization-Theorie ist insbesondere bei neu aufkommenden Technologien eine Experimentierphase notwendig, um Handlungsmöglichkeiten aufzudecken und daraus Anwendungsfälle zu generieren. Dieser Artikel präsentiert die Ergebnisse einer Fallstudie in einem Unternehmen, das sich während der Studie in der Experimentierphase befand. Durch Interviews mit acht Beschäftigten und einem Vertriebspartner konnten drei Handlungsmöglichkeiten für Virtual Reality im Unternehmenskontext und eine zuvor nicht bekannte Aktivität der Experimentierphase identifiziert werden. Damit erweitert die Studie bisherige Forschung zur Experimentierphase und zeigt Unterschiede im Vergleich zu anderen innovativen Technologien auf, die in vorherigen Studien untersucht wurden. Für Unternehmen bietet die Studie wertvolle Einblicke in die erfolgreiche Gestaltung der Experimentierphase als Vorbereitung auf die Implementierung.</jats:p>

<jats:title>Abstract</jats:title><jats:p>Using time series data for the period 1959–2015, our empirical analysis examines the simultaneous effects of the individual components of the global carbon budget on temperature. Specifically, we explore the possible effects of carbon emissions caused by fossil fuel combustion, cement production, land-use change emissions, and carbon sinks (here in terms of land sink and ocean sink) on climate change. The simultaneous inclusion of carbon emissions and carbon sinks allows us to look at the coexistent and opposing effects of the individual components of the carbon budget and thus provides a holistic perspective from which to explore the relationship between the global carbon budget and global warming. The results reveal a significant positive effect of carbon emissions on temperature for both fossil fuels emissions and emissions from land-use change, confirming previous results concerning carbon dioxide and temperature. Further, while ocean sink does not seem to have a significant effect, we identify a temperature-decreasing effect for land sink.</jats:p>

The diagnosis of diseases is decisive for planning proper treatment and ensuring the well-being of patients. Human error hinders accurate diagnostics, as interpreting medical information is a complex and cognitively challenging task. The application of artificial intelligence (AI) can improve the level of diagnostic accuracy and efficiency. While the current literature has examined various approaches to diagnosing various diseases, an overview of fields in which AI has been applied, including their performance aiming to identify emergent digitalized healthcare services, has not yet been adequately realized in extant research. By conducting a critical review, we portray the AI landscape in diagnostics and provide a snapshot to guide future research. This paper extends academia by proposing a research agenda. Practitioners understand the extent to which AI improves diagnostics and how healthcare benefits from it. However, several issues need to be addressed before successful application of AI in disease diagnostics can be achieved.</jats:p>

<jats:title>Abstract</jats:title><jats:p>The application of artificial intelligence (AI) in hospitals yields many advantages but also confronts healthcare with ethical questions and challenges. While various disciplines have conducted specific research on the ethical considerations of AI in hospitals, the literature still requires a holistic overview. By conducting a systematic discourse approach highlighted by expert interviews with healthcare specialists, we identified the status quo of interdisciplinary research in academia on ethical considerations and dimensions of AI in hospitals. We found 15 fundamental manuscripts by constructing a citation network for the ethical discourse, and we extracted actionable principles and their relationships. We provide an agenda to guide academia, framed under the principles of biomedical ethics. We provide an understanding of the current ethical discourse of AI in clinical environments, identify where further research is pressingly needed, and discuss additional research questions that should be addressed. We also guide practitioners to acknowledge AI-related benefits in hospitals and to understand the related ethical concerns.</jats:p>

<jats:title>Zusammenfassung</jats:title><jats:p>Coworking Spaces (CSPs) sind geteilte Arbeitsplätze für Selbstständige, Freelancer*innen, Mikrounternehmen und Startups, die Isolation entgegenwirken und zum interdisziplinären Wissensaustausch anregen können. Jedoch existieren auch Barrieren, die Nutzer*innen davon abhalten, zu anderen Coworker*innen Kontakt aufzunehmen, da oft unklar ist, wann und ob jemand zum kreativen Austausch oder zum Anbieten von Hilfe bereit ist. Durch die Covid-19 Pandemie wurde die Unsicherheit bei der gegenseitigen Kontaktaufnahme noch weiter erschwert und viele CSPs mussten zeitweise schließen. Um Barrieren bei der Kontaktaufnahme zu reduzieren und die interdisziplinäre Zusammenarbeit zu fördern, können Informations- und Kommunikationstechnologien eingesetzt werden. Virtual Reality (VR) und Augmented Reality (AR) sind Technologien, die sich durch einen besonders hohen Grad an Immersion und sozialer Präsenz auszeichnen. Deshalb zeigen wir in diesem Beitrag, wie VR- und AR-Technologien gezielt eingesetzt werden können, um den interdisziplinären Wissensaustausch und Zusammenarbeit sowohl in CSPs als auch ortsunabhängig zu fördern. Dazu präsentieren wir positive Effekte, die durch den Einsatz einer der beiden Technologien im Zusammenhang mit CSPs erzielt werden können und leiten konkrete Gestaltungsempfehlungen für Anwendungsentwickler*innen, Unternehmen sowie Betreiber*innen von CSPs ab. Diese Gestaltungsempfehlungen basieren sowohl auf den neuesten Erkenntnissen aus der Fachliteratur als auch auf Interviews mit Expert*innen aus Forschung und Praxis mit Erfahrung im Bereich CSPs, VR und AR. Unsere Anwendungsszenarien können Entwickler*innen, Unternehmen und Betreiber*innen von CSPs als Grundlage dienen, vom Einsatz beider Technologien zu profitieren.</jats:p>

Ideational impact refers to the uptake of a paper's ideas and concepts by subsequent research. It is defined in stark contrast to total citation impact, a measure predominantly used in research evaluation that assumes that all citations are equal. Understanding ideational impact is critical for evaluating research impact and understanding how scientific disciplines build a cumulative tradition. Research has only recently developed automated citation classification techniques to distinguish between different types of citations and generally does not emphasize the conceptual content of the citations and its ideational impact. To address this problem, we develop Deep Content-enriched Ideational Impact Classification (Deep-CENIC) as the first automated approach for ideational impact classification to support researchers' literature search practices. We evaluate Deep-CENIC on 1,256 papers citing 24 information systems review articles from the IT business value domain. We show that Deep-CENIC significantly outperforms state-of-the-art benchmark models. We contribute to information systems research by operationalizing the concept of ideational impact, designing a recommender system for academic papers based on deep learning techniques, and empirically exploring the ideational impact of the IT business value domain.

The containment of COVID-19 critically hinges on individuals’ behavior. We investigate how individuals react to variations in COVID-19 reporting. Using a survey, we elicit individuals' perceived infection risk given various COVID-19 metrics (e.g., confirmed cases, reproduction rate, or case-fatality ratio). We proxy individuals' risk perception with their willingness to pay for the participation in everyday life and amusements events. We find that participants react to different COVID-19 metrics with varying sensitivity. We observe a saturation of sensitivity for several measures at critical limits used in the political discussion, making our results highly relevant for policy makers in their efforts to direct individuals to adhere to hygienic etiquette and social distancing guidelines.

We study the relationship between risk managers' dark triad personality traits (Machiavellianism, narcissism, and psychopathy) and their selective hedging activities. Using a primary survey of 412 professional risk managers, we find that managers with dark personality traits are more likely to engage in selective hedging than those without. This effect is particularly pronounced for older, male, and less experienced risk managers. The effect is also stronger in smaller firms, less centralized risk management departments, and family-owned firms.

Diese Studie untersucht, wie Steuern und steuerlichen Regelungen die Nutzung eines Managementanreizsystems, bekannt als Bonusbank, aus Unternehmenseignersicht beeinflussen. Bonusbanken haben eine spezifische Eigenschaft: ein Teil des von einem Manager in einem Jahr verdienten Bonus wird einbehalten und nachträglich nur bei Erreichung zukünftiger Unternehmensziele ausgezahlt. Während in der bisherigen Literatur zu Bonusbanken Steuern vernachlässigt oder Manageranreize als gegeben angenommen wurden, integriere ich beide Aspekte in ein mehrperiodiges Agency-Modell mit risikoneutralem, haftungsbeschränktem Agenten. Das Modell erfasst insbesondere Ertragsteuern und Verlustverrechnungsbeschränkungen auf Unternehmensebene sowie eine proportionale, periodenabhängige Einkommensteuer beim Manager. Die Ergebnisse zeigen zweierlei: Erstens sinkt die Bonusbanknutzung gegenüber dem Fixlohnvertrag durch alle untersuchten Steuern und Regelungen mit Ausnahme der Verrechnungsbeschränkungen. Zweitens besitzt die Bonusbank einen glättenden Einkommenseffekt, der die Endvermögensreduktion aus den Verrechnungsbeschränkungen und der Einkommensteuerprogression abschwächt. Insgesamt ergänzen die Resultate das Schrifttum zur Entscheidungsrelevanz von Steuern bei der Gestaltung von Vergütungsverträgen.

<jats:title>Abstract</jats:title><jats:p>Using data from the German Socio-Economic Panel for 1984–2018, we analyze the intergenerational education mobility of immigrants in Germany by identifying the determinants of differences in educational stocks for first- and second-generation immigrants in comparison to individuals without a migration background. Our results show that on average, first-generation immigrants have fewer years of schooling than native-born Germans and have a disproportionate share of lower educational qualifications. This gap is strongly driven by age at immigration, with immigration age and education revealing a nonlinear relationship. While the gap is relatively small among individuals who migrate at a young age, integrating in the school system at secondary school age leads to large disadvantages. Examining the educational mobility of immigrants in Germany, we identify an inter-generational catch-up in education. The gap in education between immigrants and natives is reduced for the second generation. Finally, we find that country of origin differences can account for much of the education gap. While immigrants with an ethnic background closer to the German language and culture show the best education outcomes, immigrants from Turkey, Italy, and other southern European countries and especially the group of war refugees from Syria, Afghanistan, Iraq and other MENA countries, have the lowest educational attainment.</jats:p>

<jats:title>Abstract</jats:title><jats:p>In this article we combine Debreu’s (Proc Natl Acad Sci 38(10):886–893, 1952) social system with Hurwicz’s (Econ Design 1(1):1–14, 1994; Am Econ Rev 98(3):577–585, 2008) ideas of embedding a “desired” game form into a “natural” game form that includes all feasible behavior, even if it is “illegal” according to the desired form. For the resulting socio-legal system we extend Debreu’s concepts of a social system and its social equilibria to a socio-legal system with its Debreu–Hurwicz equilibria. We build on a more general version of social equilibrium due to Shafer and Sonnenschein (J Math Econ 2(3):345–348, 1975) that also generalizes the dc-mechanism of Koray and Yildiz (J Econ Theory 176:479–502, 2018) which relates implementation via mechanisms with implementation via rights structures as introduced by Sertel (Designing rights: invisible hand theorems, covering and membership. Tech. rep. Mimeo, Bogazici University, 2001). In the second part we apply and illustrate these new concepts via an application in the narrow welfarist framework of two person cooperative bargaining. There we provide in a socio-legal system based on Nash’s demand game an implementation of the Nash bargaining solution in Debreu–Hurwicz equilibrium.</jats:p>

<jats:p> In this paper, we analyze the effect of light conditions on road accidents and estimate the long run consequences of different time regimes for road safety. Identification is based on variation in light conditions induced by differences in sunrise and sunset times across space and time. We estimate that darkness causes annual costs of more than £500 million in Great Britain. By setting daylight saving time year-round 8 percent of these costs could be saved. Thus, focusing solely on the short run costs related to the transition itself underestimates the total costs of the current time regime. </jats:p>

Employing a unique hand-collected sample of 956 credit risk securitization transactions issued by 64 stock-listed European banks across the EU-13 plus Switzerland over the period from 1997 to 2010, this paper empirically analyzes the impact of securitization on the issuing banks’ effective tax rates. Our analysis reveals that banks may reduce their tax expense through securitization via a direct and indirect channel suggesting that tax avoidance may be a further motive for banks to engage in the securitization business. These baseline findings remain robust under various robustness checks, especially when implementing structural equation models and controlling for a reverse causality between the banks’ tax burden and their incentive to securitize. Finally, various sensitivity analyses provide further important results and implications for tax policies, banking regulation and the ongoing process of revitalizing the European securitization market.