Tomás Lagos, Junyeong Choi, Brittany Segundo, Jianbang Gan, Lewis Ntaimo, Oleg A Prokopyev, Bilevel optimization approach for fuel treatment planning, European Journal of Operational Research, Vol. 320 (1), 2025. (Journal Article)
Various fuel treatment practices involve removing all or some of the vegetation (fuel) from a landscape to reduce the potential for fires and their severity. Fuel treatments form the first line of defense against large-scale wildfires. In this study, we formulate and solve a bilevel integer programming model, where the fuel treatment planner (modeled as the leader) determines appropriate locations and types of treatments to minimize expected losses from wildfires. The follower (i.e., the lower-level decision-maker) corresponds to nature, which is adversarial to the leader and designs a wildfire attack (i.e., locations and time periods, where and when, respectively, wildfires occur) to disrupt the leader’s objective function, e.g., the total expected area burnt. Both levels in the model involve integrality restrictions for decision variables; hence, we explore the model’s difficulty from the computational complexity perspective. Then, we design specialized solution methods for general and some special cases. We perform experiments with semi-synthetic and real-life instances to illustrate the performance of our approaches. We also explore numerically the fundamental differences in the structural properties of solutions arising from bilevel model and its single-level counterpart. These disparities encompass factors like the types of treatments applied and the choice of treated areas. Additionally, we conduct various types of sensitivity analysis on the performance of the obtained policies and illustrate the value of the bilevel solutions. |
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Mahnaz Parian-Scherb, Peter Uhrig, Luca Rossetto, Stephane Dupont, Heiko Schuldt, Gesture retrieval and its application to the study of multimodal communication, International journal on digital libraries, Vol. 25 (4), 2024. (Journal Article)
Comprehending communication is dependent on analyzing the different modalities of conversation, including audio, visual, and others. This is a natural process for humans, but in digital libraries, where preservation and dissemination of digital information are crucial, it is a complex task. A rich conversational model, encompassing all modalities and their co-occurrences, is required to effectively analyze and interact with digital information. Currently, the analysis of co-speech gestures in videos is done through manual annotation by linguistic experts based on textual searches. However, this approach is limited and does not fully utilize the visual modality of gestures. This paper proposes a visual gesture retrieval method using a deep learning architecture to extend current research in this area. The method is based on body keypoints and uses an attention mechanism to focus on specific groups. Experiments were conducted on a subset of the NewsScape dataset, which presents challenges such as multiple people, camera perspective changes, and occlusions. A user study was conducted to assess the usability of the results, establishing a baseline for future gesture retrieval methods in real-world video collections. The results of the experiment demonstrate the high potential of the proposed method in multimodal communication research and highlight the significance of visual gesture retrieval in enhancing interaction with video content. The integration of visual similarity search for gestures in the open-source multimedia retrieval stack, vitrivr, can greatly contribute to the field of computational linguistics. This research advances the understanding of the role of the visual modality in co-speech gestures and highlights the need for further development in this area. |
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Xinran Wang, Zisu Wang, Mateusz Dolata, Jay F Nunamaker, How credibility assessment technologies affect decision fairness in evidence-based investigations: A Bayesian perspective, Decision Support Systems, Vol. 187, 2024. (Journal Article)
Recently, a growing number of credibility assessment technologies (CATs) have been developed to assist human decision-making processes in evidence-based investigations, such as criminal investigations, financial fraud detection, and insurance claim verification. Despite the widespread adoption of CATs, it remains unclear how CAT and human biases interact during the evidence-collection procedure and affect the fairness of investigation outcomes. To address this gap, we develop a Bayesian framework to model CAT adoption and the iterative collection and interpretation of evidence in investigations. Based on the Bayesian framework, we further conduct simulations to examine how CATs affect investigation fairness with various configurations of evidence effectiveness, CAT effectiveness, human biases, technological biases, and decision stakes. We find that when investigators are unconscious of their own biases, CAT adoption generally increases the fairness of investigation outcomes if the CAT is more effective than evidence and less biased than the investigators. However, the CATs' positive influence on fairness diminishes as humans become aware of their own biases. Our results show that CATs' impact on decision fairness highly depends on various technological, human, and contextual factors. We further discuss the implications for CAT development, evaluation, and adoption based on our findings. |
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Jan Cieciuch, Maria Kwiatkowska, Martin Kindschi, Eldad Davidov, René Algesheimer, Peers and value preferences among adolescents in school classes: a social network and longitudinal approach, European Journal of Psychology of Education, Vol. 39 (4), 2024. (Journal Article)
The aim of our study was twofold: (1) to explore the role of value preferences on peer relations in school classes (selection effect) and (2) to explore the role of peers’ values on adolescents’ values (influence or socialization effect) in three types of networks (friendship, advice, and trust). To answer these questions, we used a longitudinal social network approach in a study of N = 903 adolescents (57% girls) from 34 secondary school classes in Poland. Pupils began participating in the study when they joined their secondary school and were followed over two and a half years. Panel data were collected at six measurement time points during this period. Values were conceptualized according to the values theory proposed by Schwartz and measured by the Portrait Value Questionnaire. The collection of network data followed a roster design. Pupils were asked to evaluate the strength of their friendships, as well as the frequency with which they approached peers to ask for advice about school or homework or to talk about things that are important to them in the last 2 weeks. We found empirical support for both selection and socialization effects, especially for protection values (Conservation and Self-enhancement). The selection effect was most evident in advice and trust networks and the socialization effect was particularly prevalent in friendship and trust networks. |
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Erdinc Akyildirim, Shouyu Yao, Xiaoran Kong, Ahmet Sensoy, Feiyang Cheng, Investor attention and idiosyncratic risk in cryptocurrency markets, The European journal of finance, Vol. 30 (16), 2024. (Journal Article)
We explore the impact of investor attention on idiosyncratic risk in the cryptocurrency markets. Taking the Google Trends Index as the measure of investor attention, we find that investor attention can significantly reduce cryptocurrencies’ idiosyncratic risks by increasing the liquidity. We further study possible cross-sectional variations of the effect of investor attention on idiosyncratic risk. Evidence shows that the investor attention effect is more pronounced for smaller-cap and younger cryptocurrencies. Moreover, a relatively stable external market environment and rising market state are conducive to the further play of the attention effect. |
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Lucia Malär, Andrea Giuffredi-Kähr, The Dark Triad of brand personality: Scale development and validation, Psychology & Marketing, Vol. 41 (11), 2024. (Journal Article)
Despite the considerable magnitude of negative brand personalities in the marketplace, prior research has disproportionately focused on positive personality traits. To address this research gap, the authors present a conceptual and empirical approach that draws from the Dark Triad of psychology and applies it to the branding domain. They conceptualize and validate the Dark Triad of brand personality which comprises brand narcissism, Machiavellianism, and psychopathy dimensions. Through a multiphase scale development process, a reliable and valid 12‐item brief version of the Dark Triad of brand personality is created, enabling its assessment in both research and management contexts. Examining the Dark Triad in branding is crucial as it provides a unique lens to understand the rise of negative, dark brand personalities. It accounts for brand personality aspects not yet captured by existing scales, including manipulation, exploitation, grandiosity, and lack of empathy. This introduction of the Dark Triad brand personality opens new avenues for research into brand transgressions and ethics in brand management. In terms of managerial implications, insights from this research can inform strategic brand management, enabling companies to better manage their brand's image. |
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Mamiza Haq, Steven Ongena, Juying Pu, Eric K M Tan, Do banks engage in earnings management? The role of dividends and institutional factors, Journal of Banking and Finance, Vol. 168, 2024. (Journal Article)
We investigate the impact of dividend policy on earnings quality and opportunistic earnings management for individual banks across 45 developed and developing countries between 1996 and 2019. Our estimates show that high dividend payments reduce earnings management, hence mitigate agency problems. This mitigation is especially prevalent among well-capitalised and non-listed banks. Greater investor protection and government regulation appear to strengthen the negative association between dividend policy and earnings management. Our results hold robustly across many different specifications. |
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Fumiko Kano Glückstad, Hiromi Kobayashi, Daniel Seddig, Eldad Davidov, Rie Nakamura, Personal Beauty Values: Development and Validation of a Multidimensional Measurement Scale, Journal of Consumer Behaviour, 2024. (Journal Article)
Due to the explosive growth of social media technology worldwide, consumers are exposed to abundant stimuli across cultures that affect their internalization of societal ideal of beauty and the formation of self‐concept. In response to this, the beauty industry is facing challenges to personalize their offerings to an array of diverse consumers who are seeking brands that resonate with their values and foster a true emotional bond. Consumers' personal value with respect to beauty is an important antecedent of the internalization of societal ideal of beauty, which eventually control their appearance‐conscious emotions and behaviors, thereby play an important role for understanding the psychological mechanisms that underlie diverse beautification procedures. However, a systematic scale to measure personal beauty values of consumers across cultures has yet to be established. In this article, we attempt to bridge this gap by developing, measuring, and validating a new Personal Beauty Values Scale through a series of studies using independent samples from the United States (n = 348, n = 1039), the United Kingdom (n = 401, n = 396), Japan (n = 1011), and Denmark (n = 981). Subsequently, we investigate influences of personal beauty values on one of the critical beautification procedures invasive to the human body, that is, cosmetic surgery. Specifically, the nomological validation using the U.S. sample (n = 1039) demonstrated that the distinct characteristics of the five personal beauty values dimensions differently affected appearance‐conscious emotions such as shame and hubristic pride, thereby unveiling the psychological mechanism behind consideration of cosmetic surgery. |
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Kathrin Wardatzky, Evaluating the Pros and Cons of Recommender Systems Explanations, In: RecSys '24: 18th ACM Conference on Recommender Systems, 2024-10-14. (Conference or Workshop Paper published in Proceedings)
Despite the growing interest in explainable AI in the RecSys community, the evaluation of explanations is still an open research topic.
Typically, explanations are evaluated using offline metrics, with a case study, or through a user study. In my research, I will have a closer look at the evaluation of the effects of explanations on users. I investigate two possible factors that can impact the effects reported in recent publications, namely the explanation design and content as well as the users themselves. I further address the problem of determining promising explanations for an application scenario from a seemingly endless pool of options. Lastly, I propose a user study to close some of the research gaps established in the surveys and investigate how recommender systems explanations impact the understanding of users with different backgrounds. |
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Lucien Heitz, Nicolas Mattis, Oana Inel, Wouter van Atteveldt, IDEA – Informfully Dataset with Enhanced Attributes, In: NORMalize 2024: The Second Workshop on the Normative Design and Evaluation of Recommender Systems, 2024-10-14. (Conference or Workshop Paper published in Proceedings)
In this paper, we present the Informfully Dataset with Enhanced Attributes (IDEA) for news article recommendations. The dataset consists of an open-source collection of user profiles, news articles with a high topic and outlet diversity, item recommendations, and rich user-item interactions from a field study on behavioral changes in news consumption. The records include both quantitative data from real-time session tracking as well as self-reported data from user surveys on satisfaction with news, knowledge acquisition, and personal background information. This paper outlines the data collection procedure and potential use cases of the dataset for designing normative recommender systems. It provides the documentation of all data collections together with insights into the data quality. |
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Lucien Heitz, Sanne Vrijenhoek, Oana Inel, Recommendations for the Recommenders: Reflections on Prioritizing Diversity in the RecSys Challenge, In: RecSys Challenge '24: ACM RecSys Challenge 2024, 2024-10-14. (Conference or Workshop Paper published in Proceedings)
The RecSys Challenge 2024, co-organized by the Danish news outlet Ekstra Bladet, called for participants to develop a news recommender system that accurately predicts which news article a reader is most likely to select from a given list. In the context of this challenge, the organizers explicitly stated their interest in beyond-accuracy objectives. However, the setup of the challenge did not facilitate pursuing these more normative goals: a missed opportunity, given the quality of the dataset. In this paper, we highlight the issues encountered in a submission that prioritized normative diversity. We reflect on the responsibility of conferences, RecSys in particular, when it comes to promoting beyond-accuracy objectives and provide recommendations for future challenge iterations. |
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Lucien Heitz, Julian A Croci, Madhav Sachdeva, Abraham Bernstein, Informfully – Research Platform for Reproducible User Studies, In: RecSys '24: Eighteenth ACM Conference on Recommender Systems, ACM Digital library, 2024-10-14. (Conference or Workshop Paper published in Proceedings)
This paper presents Informfully, a research platform for content distribution and user studies. Informfully allows to push algorithmically curated text, image, audio, and video content to users and automatically generates a detailed log of their consumption history. As such, it serves as an open-source platform for conducting user experiments to investigate the impact of item recommendations on users' consumption behavior. The platform was designed to accommodate different experiment types through versatility, ease of use, and scalability. It features three core components: 1) a front end for displaying and interacting with recommended items, 2) a back end for researchers to create and maintain user experiments, and 3) a simple JSON-based exchange format for ranked item recommendations to interface with third-party frameworks. We provide a system overview and outline the three core components of the platform. A sample workflow is shown for conducting field studies incorporating multiple user groups, personalizing recommendations, and measuring the effect of algorithms on user engagement. We present evidence for the versatility, ease of use, and scalability of Informfully by showcasing previous studies that used our platform. |
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Stevo Pavicevic, Thomas Keil, The role of military directors in holding the CEO accountable for poor firm performance, Strategic Management Journal, 2024. (Journal Article)
Research Summary
Why do some boards of directors dismiss the CEO when a firm performs poorly, while others do not? We argue that military directors—outside directors with military backgrounds—on the board increase the likelihood of CEO dismissal under low‐performance conditions. Military service instills a lifelong system of values and beliefs related to accountability—the obligation to accept responsibility for one's own actions and outcomes—which leads military directors to attribute low performance to the CEO and hold the CEO strictly accountable for such performance. This argument is supported by extensive quantitative data on CEO dismissal in publicly listed firms and qualitative data obtained from interviews with military directors who have served on boards of those firms.
Managerial Summary
Military directors—outside directors with military backgrounds—frequently occupy seats on the boards of publicly listed firms in the United States. Military service instills an enduring system of values and beliefs rooted in accountability, which, we argue, makes military directors more inclined to attribute performance shortfalls to the CEO and advocate for more rigorous CEO accountability, resulting in CEO dismissal. Our argument is supported by quantitative data on CEO dismissals within publicly listed firms and qualitative data derived from interviews with military directors who have served on boards of those firms. Our findings underscore that principles ingrained via military service may influence corporate governance, particularly one of its core components: executive accountability. |
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Armin R Veres, Daria Schumm, Thomas Grübl, Katharina O E Müller, Bruno Rodrigues, Burkhard Stiller, Demo: Secure Inventorying and Lifecycle Management of IoT Devices with DLT, In: 2024 IEEE 49th Conference on Local Computer Networks (LCN), Institute of Electrical and Electronics Engineers, 2024-10-08. (Conference or Workshop Paper published in Proceedings)
Security management of Internet-of-Things (IoT) infrastructures encompassing the entire lifecycle of products and their continuous certification are fundamental functions to guarantee a high level of security. This paper demonstrates a DLT-based platform enabling secure inventorying and management of IoT devices and sensors distributed across multiple stakeholders. This work makes use of the Hyperledger framework, Decentralized Identifiers (DID), and Manufacturer Usage Description (MUD) files for IoT device inventorying and the identification of critical software updates. |
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Jan Von der Assen, Alberto Huertas Celdran, Rinor Sefa, Burkhard Stiller, Gérôme Bovet, MTFS: a Moving Target Defense-Enabled File System for Malware Mitigation, In: 2024 IEEE 49th Conference on Local Computer Networks (LCN), Institute of Electrical and Electronics Engineers, 2024-10-08. (Conference or Workshop Paper published in Proceedings)
Ransomware has remained one of the most notorious threats in the cybersecurity field, for which Moving Target Defense (MTD) has been proposed as a novel defense paradigm. Although various approaches leverage MTD, few of them rely on the operating system and, specifically, the file system, thereby making them dependent on other computing devices, rendering defense against certain threats unrealistic. File-based approaches are less studied here while showing limitations in resource usage and defense effectiveness. Furthermore, existing ransomware defenses merely restore data or detect attacks without preventing them. Thus, this paper introduces the MTFS file system and the design and implementation of three novel MTD techniques – one delaying attackers, one trapping recursive directory traversal, and another one hiding file types. The effectiveness of the techniques is shown in three experiments. First, it is demonstrated that the techniques can delay and mitigate ransomware on real IoT devices. Secondly, in a broader scope, the solution was confronted with 13 ransomware samples, highlighting that it can save 97% of the files. Regarding overhead, the defense system consumes only a small amount of resources, highlighting the feasibility of proactive defense. |
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Agha Durrani, Steven Ongena, Aurea Ponte Marques, Decoding market reactions: The certification role of EU-wide stress tests, Economic Modelling, Vol. 139, 2024. (Journal Article)
We study the market’s reaction to the disclosure of EU-wide stress test results across four periods (2014, 2016, 2018, and 2021). Our novel approach contributes to the literature by studying how stress test disclosures influence both the mean and variance (first and second moments) of bank stock performance, extending beyond previous studies focused mainly on the first moment of equity returns. Using one-factor market and structural Engle–Siriwardane type GARCH models, we find that the publication of stress tests provides new information to the markets: Banks with weaker performance in the tests experience, on average, a reduction in stock returns and an increase in volatility, while the reverse holds for banks performing well. Our findings confirm the important role of stress tests in enhancing transparency and market discipline, thereby supporting investors in assessing the resilience of the banking sector more effectively, particularly during periods of higher uncertainty. |
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Alper Kara, Steven Ongena, Yilmaz Yildiz, Does being a responsible bank pay off? Evidence from the COVID-19 pandemic, Journal of Financial Stability, Vol. 74, 2024. (Journal Article)
We investigate whether banks’ initial responses during the first wave of the COVID-19 pandemic in supporting their customers, communities, and governments were perceived as value-enhancing by investors. Using a unique responsible banking measure for a sample of the largest US and European commercial banks, we find a negative relationship between responsible bank behavior and stock market performance, particularly in the first wave of the pandemic. We also find that riskier banks were affected more negatively if they behaved responsibly. Overall, our findings show that banks’ responsible behavior during a crisis reduces, or at best is not relevant to, shareholder value. |
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Reto Eberle, Swiss Audit Monitor 2024: Analyse des Revisionsmarkts der kotierten Unternehmen in der Schweiz, Expert Focus, Vol. 98 (8), 2024. (Journal Article)
In einem jährlich auf www.swissauditmonitor.ch veröffentlichten Report werden die Revisionshonorare, die zusätzlichen Honorare, die Mandatsdauer der Revisionsgesellschaften und die verwendeten Rechnungslegungsstandards von Unternehmen des Swiss Market Index (SMI) und des Swiss Performance Index (SPI) erhoben und ausgewertet. Der 8. Ausgabe des Swiss Audit Monitor liegt das Geschäftsjahr 2023 zugrunde. Dieser Beitrag fasst die wichtigsten Erkenntnisse zusammen. |
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Nils Hossli, Martin Natter, René Algesheimer, On the importance of congruence between personal and work values – How value incongruence affects job satisfaction: A multiple mediation model, International Journal of Wellbeing, Vol. 14 (3), 2024. (Journal Article)
This study proposes a novel conceptualization of work values designed to quantify the degree of incongruity between personal values and workplace demands. We define work values as the priorities individuals wish to be recognized for in their workplace, while personal values are those the individual personally identifies with. By contrasting personal and work values, we provide evidence for value incongruence among employees and showed that this measurement of value incongruence effectively predicts key job-related metrics. Value incongruence directly reduces job satisfaction, but its primary impact is indirect. Our multiple mediation analysis reveals that it mainly affects job satisfaction through perceived job meaningfulness, relationships with supervisors, and opportunities for career advancement. We discuss the implications of our findings for various stakeholders and suggest potential improvements for individual and societal well-being linked to the future of work. |
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Johannes Brumm, Feng Xiangyu, Laurence Kotlikoff, Felix Kübler, When Interest Rates Go Low, Should Public Debt Go High?, American Economic Journal: Macroeconomics, Vol. 16 (4), 2024. (Journal Article)
Is deficit finance free when real borrowing rates are routinely lower than growth rates? Specifically, can the government make all generations better off by perpetually taking from the young and giving to the old? We study this in stochastic closed- and open-economy OLG models. Unfortunately, Pareto gains are predicted only for implausible calibrations. Even then, the gains reflect improved inter-generational risk sharing, improved international risk sharing, and beggaring thy neighbor-not intergenerational redistribution, per se. As we show, theoretically and quantitatively, low government borrowing rates suggest state-contingent bilateral transfers between generations-not unconditional, unilateral redistribution from future to current generations. |
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