Andreas Scherer, Christian Vögtlin, Günter Stahl, Responsible Innovation for Sustainable Development, In: 36th EGOS colloquium . 2020. (Conference Presentation)

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Hui Liu, Naiding Yang, Zhao Yang, Jianhong Lin, Yanlu Zhang, The impact of firm heterogeneity and awareness in modeling risk propagation on multiplex networks, Physica A: Statistical Mechanics and its Applications, Vol. 539, 2020. (Journal Article)
 
Growing interest has emerged to understand the coupled awareness-epidemic dynamics in multiplex network. However, most previous studies usually assume that all the infected nodes have the same influence on the susceptible neighbors, without considering node’s heterogeneity. In this paper, with the similarity between epidemic spreading and risk propagation, we apply the UAU-SIS model to investigate the interplay between awareness and risk propagation in R&D networks considering firms’ heterogeneity. Here, the risk triggering probabilities are heterogenous and depend on two factors: cooperation intensity and local risk prevalence. The results reveal that the cooperation intensity can increase the risk propagation prevalence and decrease the risk propagation threshold, while the local risk prevalence can only increase the risk propagation prevalence. Moreover, we find that the risk propagation threshold undergoes an abrupt transition with a certain point of the local awareness ratio (the global awareness ratio) ignoring the global awareness (the local awareness ratio), which includes two-stage effects on risk propagation threshold. Furthermore, threshold lies in three different areas when considering both the global and local awareness. These results could provide a basis for managerial professionals to improve the robustness of interdependent R&D networks under risk propagation by taking effective measures. |
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Maria Pouri, Lorenz Hilty, Digitally Enabled Sharing and the Circular Economy: Towards a Framework for Sustainability Assessment, In: Advances and New Trends in Environmental Informatics, Springer International Publishing, Cham, p. 105 - 116, 2020. (Book Chapter)
 
The prevailing patterns of consumption and production are not sustainable because they are based on increasing extraction of non-renewable resources (such as fossil fuels or scarce metals) from the Earth’s crust and overuse of life-sustaining ecosystem services (such as CO2 assimilation or the water cycle). One strategy to direct consumption to a sustainable pathway is the circular economy. The goal of the circular economy is to slow down the flow of material resources through the anthroposphere and to return them back to nature in a form that is as compatible as possible with the ecosystem processes. We focus on the first aspect, which means that each unit of material resource that enters the economic system should satisfy as much human needs as possible until it is considered waste. We ask the question if and how the emerging “sharing economy” can contribute to this specific goal. We see the phenomenon of sharing economy as a transformation of sharing practices with means of digital Information and Communication Technology (ICT). The resulting Digital Sharing Economy (DSE) can therefore be considered an important special case of ICT impact on sustainable development. We open up an argument on how sharing in the DSE can be either supportive or counter-productive with regard to the circular economy goals. We present a first framework that provides a guideline for the qualitative assessment of new sharing practices with regard to their potential contribution to a circular economy. |
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Alena Miftakhova, Kenneth L. Judd, Thomas S. Lontzek, Karl Schmedders, Statistical approximation of high-dimensional climate models, Journal of Econometrics, Vol. 214 (1), 2020. (Journal Article)
 
We propose a general emulation method for constructing low-dimensional approximations of complex dynamic climate models. Our method uses artificially designed uncorrelated CO2 emissions scenarios, which are much better suited for the construction of an emulator than are conventional emissions scenarios. We apply our method to the climate model MAGICC to approximate the impact of emissions on global temperature. Comparing the temperature forecasts of MAGICC and our emulator, we show that the average relative out-of-sample forecast errors in the low-dimensional emulation models are below 2%. Our emulator offers an avenue to merge modern macroeconomic models with complex dynamic climate models. |
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Hannah Trittin, Andreas Scherer, Glen Whelan, Iain Munro, Exploring dark and unexpected sides of digitalization: how digital technologies challenge organizations and organizing, Organization, 2020. (Journal Article)

In the past decade, the proliferation of digital technologies such as social media, internet platforms, algorithms, artificial intelligence and ‘big data’ have gained interest from businesses and academic researchers alike. Practitioners and scholars have revealed far-reaching organizational and managerial implications of these new technologies. At the same time many risks have also been identified including matters such as the loss of individual rights and the difficulty of resisting new forms of organizational control; increasing power imbalances between corporations, employees, and customers; the intensification of organizational surveillance; the opacity and biased nature of machine based processes and decisions; and many unexpected externalities that have yet to be explored. With this call for papers, we draw on and extend the emerging critical debate on the economic, ethical, social, and political implications of digitalization. We encourage scholars to critically explore the dark side and unexpected consequences of digitalization, i.e. issues that have (so far) been overlooked, ignored, or suppressed with regards to the impact of digital technologies on organization and organizing. The aim of this call is to span the boundary between multiple disciplines, to fertilize the discourse amongst critical scholars, and to develop the necessary theoretical and empirical groundwork around the implications of digitalization for organizations and organizing processes. |
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Patrick Lehnert, Curdin Pfister, Dietmar Harhoff, Uschi Backes-Gellner, Interdependencies between Different Types of Research Institutions: The Innovation Effect of the Introduction of Universities of Applied Sciences, In: 2nd Research on Innovation, Science and Entrepreneurship (RISE) Workshop. 2019. (Conference Presentation)

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Gianluca Miscione, Tobias Goerke, Stefan Klein, Gerhard Schwabe, Rafael Ziolkowski, Hanseatic Governance: Understanding Blockchain as Organizational Technology, In: Fortieth International Conference on Information Systems, s.n., Munich, Germany, 2019-12-15. (Conference or Workshop Paper published in Proceedings)
 
Blockchain technology provides a distributed ledger and is based on a logic of peer to peer authentication. It gained prominence with the rise of cryptocurrencies but provides a much broader field of possible applications. While it has been originally closely linked to a libertarian agenda rejecting organizations, its developments have illustrated that this ideological framing is being reversed in practice. Based on contrastive empirical cases, the purpose of our paper is to discuss blockchain as an organizational technology. Its peculiar mode of governance, which we name ‘Hanseatic’, needs to mediate between the fluidity typical of Free and Open Source Software development and the immutability that use organizations adopt blockchain for. |
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Tobias Grubenmann, Daniele Dell' Aglio, Abraham Bernstein, Collaborative Streaming: Trust Requirements for Price Sharing, In: 4th Workshop on Real-time & Stream Analytics in Big Data & Stream Data Management, IEEE Computer Society Press, Washington DC, USA, 2019. (Conference or Workshop Paper published in Proceedings)

Stream Processing (SP) is an important Big Data technology enabling continuous querying of data streams. The stream setting offers the opportunity to exploit synergies and, theoretically, share the access and processing costs between multiple different collaborators. But what should be the monetary contribution of each consumer when they do not trust each other and have varying valuations of the differing outcomes? In this article, we present Collaborative Stream Processing (CSP), a model where the costs, which are set exogenously by providers, are shared between multiple consumers, the collaborators. For this, we identify three important requirements for CSP to establish trust between the collaborators and propose a CSP al- gorithm, ENCSPA, adhering to these requirements. Based on the collaborators’ outcome valuations and the costs of the raw data streams, ENCSPA computes the payment for each collaborator. At the same time, ENCSPA ensures that no collaborator has an incentive to manipulate the system by providing misinformation about her/his value, budget, or time limit. We show that ENCSPA can calculate payments in a reasonable amount of time for up to one thousand collaborators. |
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Martin Sterchi, Cristina Sarasua, Rolf Grütter, Abraham Bernstein, Maximizing the Likelihood of Detecting Outbreaks in Temporal Networks, In: The 8th International Conference on Complex Networks and their Applications, springer, Heidelberg, 2019. (Conference or Workshop Paper published in Proceedings)
 
Epidemic spreading occurs among animals, humans, or computers and causes substantial societal, personal, or economic losses if left undetected. Based on known temporal contact networks, we propose an outbreak detection method that identifies a small set of nodes such that the likelihood of detecting recent outbreaks is maximal. The two-step procedure involves i) simulating spreading scenarios from all possible seed configurations and ii) greedily selecting nodes for monitoring in order to maximize the detection likelihood. We find that the detection likelihood is a submodular set function for which it has been proven that greedy optimization attains at least 63% of the optimal (intractable) solution. The results show that the proposed method detects more outbreaks than benchmark methods suggested recently and is robust against badly chosen parameters. In addition, our method can be used for out- break source detection. A limitation of this method is its heavy use of computational resources. However, for large graphs the method could be easily parallelized. |
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Christian Killer, Bruno Rodrigues, Burkhard Stiller, Threat Management Dashboard for a Blockchain Collaborative Defense, In: Proceedings of the IEEE GLOBECOM Workshop 27th on Blockchain in Telecommunications: Emerging Technologies for the Next Decade and Beyond, IEEE, Waikoloa, USA, 2019. (Conference or Workshop Paper published in Proceedings)

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Liudmila Zavolokina, Gianluca Miscione, Gerhard Schwabe, Buyers of ‘lemons’: How can a blockchain platform address buyers’ needs in the market for ‘lemons’?, Electronic Markets, 2019. (Journal Article)
 
The second-hand automotive market is one with the least trust from consumers. Customers on the second-hand car market suffer from such problems as the car being in worse condition than initially indicated, accident damage that is not disclosed, fraud, etc. Akerlof, described the market for used cars as an example of the problem of information asymmetries and resulting quality uncertainty. In order to cope with quality uncertainties, used car buyers actively engage themselves in information seeking. Blockchain technology promises to automatize the tracking of cars through their lifecycles and provide reliable information at any point in time it is needed. In our study, we investigate the problems car buyers face during information seeking and propose requirements for the design of a blockchain-based system to address these. |
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Thomas Puschmann, Thomas Puschmann, Neobanken haben es schwer auf dem Finanzplatz Schweiz, In: SRF ECO, 2 December 2019. (Media Coverage)

Etablierte Banken erschweren den Zugang zu Kundendaten. Blockchain-Dienstleister mit Banklizenz entwickeln sich dagegen zur Konkurrenz von Banken. Bericht mit Auskünften von Thomas Puschmann, Universität Zürich, u.a. Gespräch mit Jörg Gasser, Bankiervereinigung, über Fintech und Negativzinsen d. SNB. |
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Mina Ridjesic, Comparing the Performance of Passive Index Funds and Actively Managed Mutual Funds, University of Zurich, Faculty of Business, Economics and Informatics, 2019. (Master's Thesis)
 
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Johannes Meuer, Christian Tröster, Michèle Angstmann, Uschi Backes-Gellner, Kerstin Pull, Embeddedness and the repatriation intention of assigned and self-initiated expatriates, European Management Journal, Vol. 37 (6), 2019. (Journal Article)

Expatriation research has been intrigued by the question of how to prevent the unplanned return of expatriates to their home country. Although a majority of studies have focused on assigned expatriates (AEs), only recently have researchers expanded the scope of analysis by focusing on self-initiated expatriates (SIEs). For SIEs, research has identified job embeddedness as a key explanatory concept for early repatriation without yet acknowledging its potential to also explain the early expatriation of AEs. However, because AEs and SIEs differ in important motivational and behavioral aspects, the lack of comparative studies prohibits a deeper understanding of the mechanisms through which job embeddedness influences early repatriation. We build on belongingness theory to conceptualize early repatriation as a compensatory reaction of expatriates to an inhibited need to belong. Using a unique sample of 345 expatriates from 40 countries, we show that off-the-job embeddedness is more important for explaining the repatriation intention of AEs than of SIEs, whereas on-the-job embeddedness is more important for explaining the repatriation of SIEs compared to AEs. Our integrative model carries important theoretical implications for expatriation research and provides managerial implications for recruiting and retaining AEs and SIEs. |
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Erdinc Akyildirim, Shaen Corbet, Cumhur Ekinci, Analysing the dynamic influence of US macroeconomic news releases on Turkish stock markets, Finance Research Letters, Vol. 31, 2019. (Journal Article)

We investigate the effects of macroeconomic announcements made in the United States on trading activity of stocks listed in Borsa Istanbul. The influence of these releases on the selected variables are an important source of information for market participants. Results show a clear negative impact on weighted bid, ask and mid-prices in the five-minute period post-release. Available liquidity measured by pending orders in limit order book decreases with the news arrival. These results present implications for market dynamics and signal that liquidity consumption (through market orders) largely dominates liquidity provision (through limit orders) in the five-minute period following the release. |
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Markus Leippold, Nikola Vasiljevic, Option-Implied Intra-Horizon Value-at-Risk, Management Science, Vol. forthcoming, 2019. (Journal Article)

We study the intra-horizon value at risk (iVaR) in a general jump diffusion setup and propose a new model of asset returns called displaced mixed-exponential model, which can arbitrarily closely approximate finite-activity jump-diffusions and completely monotone Levy processes. We derive analytical results for the iVaR and disentangle the risk contribution of jumps from diffusion. Estimating the iVaR for several popular jump models using on S&P 100 option data, we find that option-implied estimates are much more responsive to market changes relative to their historical counterparts. Moreover, disentangling jumps from diffusion, jump account for about 90 percent of iVaR on average. |
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Carlos Alos-Ferrer, Alexander Ritschel, Jaume García-Segarra, Anja Achtziger, Habituation does not rescue depletion: Two tests of the ego-depletion effect, Journal of Economic Psychology, Vol. 75, 2019. (Journal Article)
 
The recent literature on ego depletion and self-control is plagued with failed replications. It has been argued that publication bias might have inflated estimated effect sizes. Doubts go so far that the very existence of the ego-depletion effect has been questioned. We conducted two high-power tests of the ego-depletion effect, with samples in two different countries, including a habituation phase in the depleting task (“e-crossing task”). This addresses recent critiques on failed registered replications, which argued that habituation was essential to obtain depletion effects. We examined the effect on error rates, response times, interference scores for error rates and response times, and response-time variability in a subsequent Stroop task. There were no effects in general, except a significant difference in response-time variability, only in one of the samples, and in the opposite direction as predicted by the ego-depletion effect. |
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Redaktion, Thorsten Hens, So werden Sie ein besserer Anleger, In: Capital, 24 November 2019. (Media Coverage)

Wer sein Geld klug investieren will, muss sich nicht nur mit Produkten beschäftigen, sondern vor allem mit sich selbst. Capital erklärt in fünf Lektionen, wie aus jedem ein besserer Anleger werden kann. |
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Redaktion, Thorsten Hens, Marc Oliver Rieger, Typische Fallen vermeiden: Haben die Schweizer den falschen Liebling?, In: Finanz und Wirtschaft, 23 November 2019. (Media Coverage)

Anleger mit strukturierten Produkten sollten typische Fallen vermeiden, sagt der Finanz-
professor und Derivatspezialist Marc Oliver Rieger von der Universität Trier. Dazu gehörten Mode-
themen wie die Alterung der Bevölkerung, aber auch komplexe Strukturen - "Manche verstehen selbst wir Experten nicht". Dort versteckten sich gerne auch hohe Gebühren. |
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Maria Arduca, Pablo Koch Medina, Cosimo Munari, Dual representations for systemic risk measures based on acceptance sets, Mathematics and Financial Economics, Vol. forthcoming, 2019. (Journal Article)

We establish dual representations for systemic risk measures based on acceptance sets in a general setting. We deal with systemic risk measures of both "first allocate, then aggregate" and "first aggregate, then allocate" type. In both cases, we provide a detailed analysis of the corresponding systemic acceptance sets and their support functions. The same approach delivers a simple and self-contained proof of the dual representation of utility-based risk measures for univariate positions. |
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