Aleksandra Urman, Mykola Makhortykh, Roberto Ulloa, Auditing the representation of migrants in image web search results, Humanities & Social Sciences Communications, Vol. 9 (1), 2022. (Journal Article)
 
Search engines serve as information gatekeepers on a multitude of topics that are prone to gender, ethnicity, and race misrepresentations. In this paper, we specifically look at the image search representation of migrant population groups that are often subjected to discrimination and biased representation in mainstream media, increasingly so with the rise of right-wing populist actors in the Western countries. Using multiple (n = 200) virtual agents to simulate human browsing behavior in a controlled environment, we collect image search results related to various terms referring to migrants (e.g., expats, immigrants, and refugees, seven queries in English and German used in total) from the six most popular search engines. Then, with the aid of manual coding, we investigate which features are used to represent these groups and whether the representations are subjected to bias. Our findings indicate that search engines reproduce ethnic and gender biases common for mainstream media representations of different subgroups of migrant population. For instance, migrant representations tend to be highly racialized, and female migrants as well as migrants at work tend to be underrepresented in the results. Our findings highlight the need for further algorithmic impact auditing studies in the context of representation of potentially vulnerable groups in web search results. |
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Giulia Crestini, Andrea Giuffredi-Kähr, Radu Petru Tanase, Martin Natter, Does Pricing Transparency Benefit or Harm the Retailer-Customer Relationship?, In: Annual Conference of the Decision Sciences Institute. 2022. (Conference Presentation)

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Pavlína Wurzelová, Gül Çalikli, Alberto Bacchelli, Interpersonal Conflicts During Code Review, In: 25th ACM Conference On Computer-Supported Cooperative Work And Social Computing, ACM, New York, USA, 2022. (Conference or Workshop Paper published in Proceedings)
 
Code review consists of manual inspection, discussion, and judgment of source code by developers other than the code's author. Due to discussions around competing ideas and group decision-making processes, interpersonal conflicts during code reviews are expected. This study systematically investigates how developers perceive code review conflicts and addresses interpersonal conflicts during code reviews as a theoretical construct. Through the thematic analysis of interviews conducted with 22 developers, we confirm that conflicts during code reviews are commonplace, anticipated and seen as normal by developers. Even though conflicts do happen and carry a negative impact for the review, conflicts-if resolved constructively-can also create value and bring improvement. Moreover, the analysis provided insights on how strongly conflicts during code review and its context (i.e., code, developer, team, organization) are intertwined. Finally, there are aspects specific to code review conflicts that call for the research and application of customized conflict resolution and management techniques, some of which are discussed in this paper. Data and material: https://doi.org/10.5281/zenodo.5848794 |
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Anne Ardila Brenøe, Brothers increase women’s gender conformity, Journal of Population Economics, Vol. 35 (4), 2022. (Journal Article)
 
I examine how one central aspect of the family environment - sibling sex composition - affects women’s gender conformity. Using Danish administrative data, I causally estimate the effect of having a second-born brother relative to a sister for first-born women. I show that women with a brother acquire more traditional gender roles as measured through their choice of occupation and partner. This results in a stronger response to motherhood in labor market outcomes. As a relevant mechanism, I provide evidence of increased gender-specialized parenting in families with mixed-sex children. Finally, I find persistent effects on the next generation of girls. |
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Pascal Flurin Meier, Raphael Flepp, Philippe Meier, Egon Franck, Outcome bias in self-evaluations: Quasi-experimental field evidence from Swiss driving license exams, Journal of Economic Behavior & Organization, Vol. 201, 2022. (Journal Article)
 
Exploiting a quasi-experimental field setting, we examine whether people are outcome biased when self-evaluating their past decisions. Using data from Swiss driving license exams, we find that candidates who narrowly passed the theoretical driving exam are significantly less likely to pass the subsequent practical driving exam – which is taken several months after the theoretical exam – than those who narrowly failed. Those candidates who passed the theoretical exam on their first attempt receive more objections regarding their momentary, on-the-spot decisions in the practical exam, consistent with the idea that the underlying behavioral difference is worse preparation. |
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Petra Tipaldi, Martin Natter, Older adults' decisions on smart home systems: Better put an age tag on it!, Psychology & Marketing, Vol. 39 (9), 2022. (Journal Article)
 
Addressing the demands of our aging society, technologies such as smart home systems enhance older adults' independence and enable them to live longer at home. Yet, older adults tend to avoid, delegate, or defer decisions, and smart home systems are rarely used by individuals over the age of 65. Drawing on research on choice overload and age labels, we investigate across four studies how the presentation of smart home systems can influence the decision-making process of older adults ages 65+ by mitigating choice complexity and, consequently, choice avoidance. We argue that age-framing of complex systems makes the choice options easier to process for older adults than does price-framing, the current market standard. We find that age-framing positively affects the rate of choice, and we identify reduced choice complexity as the underlying process. Our research further demonstrates that family members, as important co-deciders, evaluate decisions made on age-framed alternatives more positively, thus making it easier for older adults to justify their decisions. We thus contribute to research on the decision-making of older adults in general and on age labels in particular, and we identify important practical implications for providers of high investment products for older adults. |
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Cindy Candrian, Anne Scherer, Rise of the machines: Delegating decisions to autonomous AI, Computers in Human Behavior, Vol. 134, 2022. (Journal Article)
 
Delegation is an important part of organizational success and can be used to overcome personal shortcomings and draw upon the expertise and abilities of others. However, delegation comes with risks and uncertainties, as it entails a transfer of power and loss of control. Indeed, research has documented that people tend to under-delegate to other humans, often leading to poor decisions and ultimately negative economic consequences. Today, however, people are faced with a new delegation choice: Artificial Intelligence (AI). Fueled by Big Data, AI is rapidly becoming more intelligent and frequently outperforming human forecasters and decision-makers. Given this evolution of computational autonomy, researchers need to revisit the hows and whys of decision delegation and clarify not only whether people are willing to cede control to AI agents but also whether AI can reduce the under-delegation that is especially pronounced when people are faced with decisions that spur a high desire for control. By linking research on decision delegation, social risk, and control premium to the emerging field of trust in AI, we propose and find that people prefer to delegate decisions to AI as compared to human agents, especially when decisions entail losses (Studies 1–3). Results further illuminate the underlying psychological process involved (Study 1 and 2) and show that process transparency increases delegation to humans but not to AI (Study 3). These findings have important implications for research on trust in AI and the applicability of autonomous AI systems for managers and decision makers. |
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Gianluca De Nard, Simon Hediger, Markus Leippold, Subsampled Factor Models for Asset Pricing: The Rise of Vasa, Journal of Forecasting, Vol. 41 (6), 2022. (Journal Article)
 
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Daniel Stern, Marc Chesney, Skandalbank Credit Suisse: Hoffen auf Superreiche, In: WOZ Die Wochenzeitung, 4 August 2022. (Media Coverage)

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Manuela Frunz, Die Einführung des Kleinbankenregimes - eine kritische Analyse, University of Zurich, Faculty of Business, Economics and Informatics, 2022. (Bachelor's Thesis)

im Rahmen des Kleinbankenregimes die kleinen Geldhäuser unterstützen und die Vielfalt
im Schweizer Finanzplatz sichern.
Um diese Forschungsfrage zu beantworten, wird als erstes anhand eines
Bewertungsrahmens für differenzierte Regulierungen eine qualitative Beurteilung
vorgenommen. In dieser Analyse kommt man unter anderem zum Schluss, dass die
Wettbewerbsneutralität und die Gleichbehandlung garantiert ist. Zusätzlich können negative
Auswirkungen wie Fehlanreize oder eine Komplexitätssteigerung aufgrund der
Proportionalität ausgeschlossen werden.
In einem zweiten Schritt werden in der Kostenanalyse die Erfolgsrechnungen von 30
Banken zwei Jahre vor der Einführung des Kleinbankenregimes und zwei Jahre danach
untersucht. Mit der Differenz-von-Differenz Methode wird analysiert, ob ein kausaler
Zusammenhang zwischen den aufsichtsrechtlichen Erleichterungen und einer
Kostensenkung besteht. Die Resultate zeigen keine statistisch signifikante Kostenreduktion
für Institute des Kleinbankenregimes.
Um einen Praxisbezug herzustellen, werden zusätzlich verschiedene Experten befragt. In
diesen Interviews kommt man zu der Erkenntnis, dass die Massnahmen im Rahmen des
Kleinbankenregimes besonders effektiv sind, wenn bei neuen Vorschriften direkt
risikoorientiert reguliert wird. Dieses Untersuchungsergebnis verdeutlicht, dass die FINMA
Erleichterungen für Kleinbanken nicht erst im Nachhinein gewähren sollte.
Abschliessend lässt sich festhalten, dass das Kleinbankenregime die kleinen Institute
unterstützt. Es ist jedoch zu bezweifeln, dass die Massnahmen ausreichen, um dem
Rückgang der Kleinbanken entgegenzuwirken und somit die Vielfalt des Finanzplatzes zu
sichern.
Mit dieser Arbeit wird ein Beitrag zur Beurteilung der Zweckmässigkeit und der
Auswirkungen der Proportionalität in der Bankenregulierung geleistet. Zusätzlich kann die
Analyse als Basis für zukünftige Verbesserungen des Kleinbankenregimes verwendet
werden. |
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Nick Vogel, Corporate Social Responsibility of Fionancial Institutions and the Political Performance of Green Parties, University of Zurich, Faculty of Business, Economics and Informatics, 2022. (Bachelor's Thesis)

This paper analyses the correlation between electoral results of green parties and corporate social responsibility (CSR) efforts of a predetermined set of banks. Using sustainability- and annual reports of banks over the years 2010 to 2020 the CSR efforts are quantified. Election data is, if possible, collected from official institutions, considering the same time period. Otherwise, different sources are consulted to obtain the required information. To reach a conclusion regarding the correlation, descriptive statistics are applied to relate the banks’ CSR efforts and the green parties’ electoral performance. This paper provides evidence that the efforts banks take with regards to CSR are independent of the performance of green parties. The result suggests that the political advancement of green parties does not have a direct effect on the banks’ commitment to CSR-related topics. |
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Yannick Germeau, Green Party Success and Domestic Bank Lending, University of Zurich, Faculty of Business, Economics and Informatics, 2022. (Master's Thesis)

Does the success of green political parties in parliament influence banks' lending behaviour? This thesis collects data on the relative green party size in 21 countries, defined as the number of seats the green party has in parliament over the total number of available seats and matches it with both firm-level and loan-level data. The data is then analysed using a regression that is based on panel data and industry-size-location-time fixed effects to control for endogeneity. The results show a significant positive correlation between green party presence in parliament and domestic bank loans. This master thesis contributes to the literature that analyses the effects of introducing more stringent climate policies and how banks react when firms experience environmental concerns |
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Meichen Shen, Tail risk estimation: A comparative analysis across asset classes and geographical regions, University of Zurich, Faculty of Business, Economics and Informatics, 2022. (Master's Thesis)

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Fabian Braschler, Macroeconomic Effects in the Japanese Stock Market, University of Zurich, Faculty of Business, Economics and Informatics, 2022. (Bachelor's Thesis)

This paper analyses the effect of several macroeconomic variables on the returns of the Nikkei 225 (N225) Index. Monthly and daily data
of the last 18 to 20 years are used. The applied method for the time series data analysis is the EGARCH model. I find that the one-month government bond yield and the earnings have a negative effect on the
N225 Index, while the influence of the unemployment rate, industrial production, Yen/USD exchange rate, retail sales and gross domestic product is positive. Remarkably, the consumer price index and the money aggregate have a positive impact on the N225 Index. |
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KYLE AESCHLIMANN, SMALL-CAP PREMIUM LONG-TERM PERFORMANCE ON THE SWISS STOCK MARKET OVER THE PAST 21 YEARS, University of Zurich, Faculty of Business, Economics and Informatics, 2022. (Bachelor's Thesis)

In this study, I examine the validity of the small-cap premium (i.e., the size effect) from 2000 to 2021, using the Swiss Performance Index (SPI) to represent the Swiss stock market. I sort
SPI stocks in terms of size (market capitalisation) and value (book-to-market ratio). Then, I construct six portfolios based on these categories to analyse the size effect in relation to performance, as well as statistically. I find that the small market capitalisation portfolio and low bookto-market ratio portfolio returns significantly outperform the benchmark (SPI) over the 21-year period, with this effect amplified during the COVID-19 pandemic. However, I find no significant statistical size effect across the six portfolios. |
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Fabrice Schweizer, Dot-com bubble 2.0? Comparing the current IPO market to 20 years ago, University of Zurich, Faculty of Business, Economics and Informatics, 2022. (Bachelor's Thesis)

This thesis analyzes US IPO data from 2016 to 2021, to see if IPO market figures deviate from average values similar to what was observed over the course of the dot-com bubble. Additionally, the IPOs are classified by industry, sales, and price-sales ratio to test what IPOs are responsible for the deviation on an aggregate level. The results show that in 2020 and 2021, the IPO market is showing clear signs of overheating, mainly caused by high investor demand for IPOs with low sales, indicating that stock markets are currently in an asset pricing bubble. |
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Hubert Mrugala, Scarcity channel of Quantitative Easing : Examining the Overnight Treasury RepoMarket in the US, University of Zurich, Faculty of Business, Economics and Informatics, 2022. (Master's Thesis)

Central bank purchases under QE programs have the unintended consequence of making some
collateral securities more scarce in the market. Such scarcity effects can usually be found in the bilateral repo market, where special repo rates are traded, but prolonged and excessive central bank asset purchases coupled with high a demand for safe assets can also cause a decrease in general collateral
repo rates, which in turn reflects the scarcity of the whole class of government bonds. In this dissertation, I study scarcity effects of US Treasuries by investigating the Treasury GCF repo rate. Each $1 trillion purchase of Treasuries by the Fed is associated with a 40-46 basis point decline in the Treasury
general collateral repo rate. This suggests moderate general Treasury collateral scarcity effects of quantitative easing in the US. |
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Jan Thalmann, The battle of GameStop: Reddit versus Wall Street Analysis of different theories aiming to explain the GameStop short squeeze, University of Zurich, Faculty of Business, Economics and Informatics, 2022. (Bachelor's Thesis)
 
This paper examines the different explanations describing the GameStop short squeeze
in January 2021. Firstly, this thesis characterizes textbook-likes short squeezes and gives a
detailed overview of the events leading up to the short squeeze including financial datapoints
based on the SEC’s staff report. Next academic research is outlined and grouped in the
following baskets: (1) retail investor sentiments and coordination and (2) market contagion and
regulatory implications. An analysis yields that researchers mostly agree on the uniqueness of
this particular squeeze including zero-commission platforms, social media engagement. They
however disagree on its impact on financial markets and regulatory implications. |
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Georgy Astakhov, Pricing of Multi-Asset Reverse Convertibles, University of Zurich, Faculty of Business, Economics and Informatics, 2022. (Bachelor's Thesis)
 
Multi-Asset Barrier Reverse Convertible (MBRC) are one of the most sold structured products in
the world, especially in Switzerland where 200 billion CHF of assets are being sold per year. Some
structured products can be evaluated with a close-end solution, which does not exist for MBRCs.
There exist multiple methods to price MBRC and this thesis will focus on the implementation of
the pricing algorithm of MBRC suggested by Lindauer and Seiz (2008). In this thesis also ceteris
paribus effects of influencing parameters are measured and described. It is observed that volatility,
maturity, type of the product and a barrier level have a big impact on the final price, whereas the
dividend yield and risk-free rate are influencing each other in an unknown way. |
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Yunlong Song, Davide Scaramuzza, Policy Search for Model Predictive Control with Application for Agile Drone Flight, IEEE Transactions on Medical Robotics and Bionics, Vol. 38 (4), 2022. (Journal Article)
 
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