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Social Norms and Bargaining for Others

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Online Research Seminar 3:00 pm, Thursday, 4 November 2021 Delegating bargaining to an intermediary agent is common practice in many situations. The proposer, while not actively bargaining, sets constraints on the intermediary agent’s offer. We study ultimatum games where proposers delegate bargaining to an intermediary agent by setting boundaries on either end of the offer. We find that after accounting for truncation, intermediaries treat these boundaries similarly to a non-binding proposer suggestion. Specifically, we benchmark on a nonbinding setting where the proposer simply states the offer he would like to have made. We find that specifying a constraint on the intermediary [...]

Retail Investors’ valuation of structured investment instruments

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Online Research Seminar 3:00 pm, Thursday, 9 December 2021 The retail interest in structured investment instruments has expanded over the last decades due to the negligible deposit interest rates and the lingering uncertainty in the stock markets. Instruments that mix capital protection with a possibility to gain from positive performance of an underlying asset appear especially popular. The first part of the talk will briefly survey the market for retail-oriented structured investment instruments and discuss the results of the accumulating research on the topic. The second part of the talk will present results from experiments aimed at characterizing the preferences of [...]

Information Aggregation Under Ambiguity: Theory and Experimental Evidence

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Online Research Seminar 3:00 pm, Thursday, 27 January 2022 We study information aggregation in a dynamic trading model. We show theoretically that separable securities, introduced by Ostrovsky (2012) in the context of Expected Utility, no longer aggregate information if some traders have imprecise beliefs and are ambiguity averse. Moreover, these securities are prone to manipulation as the degree of information aggregation can be influenced by the initial price set by the uninformed market maker. These observations are also confirmed in our experiment using prediction markets. We define a new class of strongly separable securities, which are robust to the above considerations, [...]

Bank distress in the European Union 2008–2015: A closer look at capital, size and revenue diversification

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Online Research Seminar 3:00 pm, Friday, 18 March 2022 The recent global financial crisis has clearly highlighted the importance of the timely identification of weak banks. This paper introduces and analyses a new sample of European Union (EU) banks, which faced distress during 2008–2015 and provides evidence regarding the relationship between distress and bank-specific, macroeconomic, banking sector and stock market distress determinants, paying particular attention to issues that have been central following the crisis, such as capital, size, and revenue diversification. Our findings regarding these variables seem to “connect” well with current supervisory actions. The paper also focuses on banks in [...]

Service-Dominant Logic: Theoretical Foundations and Directions.

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Online Research Seminar 7:00 pm, Thursday, 24 March 2022 Service-Dominant (S-D) Logic is a mindset, or mental model, for a unified understanding of the purpose and nature of organizations, markets and society. The foundational proposition of S-D logic is that organizations, markets, and society are fundamentally concerned with value co-creation through the direct and indirect exchange of service—the application of one actor’s resources (e.g., knowledge and skills) for the benefit of another. That is, service is exchanged for service; all firms are service firms; all markets are centered on the exchange of service; and all economies and societies are best understood [...]

Alexa, you freak me out – Identifying drivers of innovation resistance and adoption of Intelligent Personal Assistants

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Online Research Seminar 3:00 pm, Thursday, 7 April 2022 Intelligent Personal Assistants (IPAs) are increasingly being integrated in many consumer products such as smartphones or cars. However, according to recent research only 50% of the population is using IPAs displaying a certain resistance behaviour. Moreover, studies on the reasons for IPA resistance are not available. Consequently, our study strives to close this research gap by identifying key drivers of innovation resistance and adoption behaviour of IPAs. Using a large-scale online survey (n=168) we find that individual differences, data privacy concerns, trust in AI and perceived creepiness play an important role for [...]