2016
Glaser, F.; Panz, S. (2016)
Pro(?)-Cyclicality of Collateral Haircuts and Systemic Illiquidity
In: 23rd Annual Meeting of the German Finance Association (DGF 2016); Bonn, Germany (forthcoming)
Category: Proceedings
Reference No.: 2016-84
Wunderlich, N.; Beck, R. (2016)
Time for Climate Change: Leadership, IT Climate, and their Impact on Organizational Performance
In: Proceedings of the 50th Hawaii International Conference on System Sciences (HICSS 2016); Big Island, Hawaii, USA
Category: Proceedings
Reference No.: 2016-83
Gomber, P.; Sagade, S.; Theissen, E.; Weber, M.; Westheide, C. (2016)
Competition Between Equity Markets: A Review of the Consolidation Versus Fragmentation Debate
In: Journal of Economic Surveys (forthcoming)
Category: Publications in scientific journals
Reference No.: 2016-77
Gomber, P.; Gvozdevskiy, I. (2016)
Dark Trading under MiFID II
In: Regulation of the EU Financial Markets; Oxford University Press (forthcoming)
Category: Chapter in book
Reference No.: 2016-72
Risius, M.; Benthaus, J.; Akolk, F. (2016)
Is it Worth it? Dismantling the Process of Social Media Related Sales Performance
In: Proceedings of the 24th European Conference on Information Systems (ECIS 2016); Istanbul, Turkey
Category: Proceedings [Find it]
Reference No.: 2016-70
Risius, M.; Akolk, F.; Beck, R. (2016)
Mit Social-Media-Stimmungen Börsenkursbewegungen vorhersagen
In: Wirtschaftsinformatik & Management, 3/2016
Category: Publications in journals
Reference No.: 2016-69
Janze, C. (2016)
Spillover Effects in User-Generated Content: Evidence from Online Reviews of Interdependent Service Chains
In: Proceedings of the 20th Pacific Asia Conference on Information Systems (PACIS 2016); Chiayi, Taiwan
Category: Proceedings [Find it]
Reference No.: 2016-65
Haferkorn, M.; Weber, M. (2016)
Self-Presentation in Online Dating - An Analysis of Behavioural Diversity
In: Proceedings of the 20th Pacific Asia Conference on Information Systems (PACIS 2016, nominated for Best Paper Award); Chiayi, Taiwan
Category: Proceedings [Find it]
Reference No.: 2016-64
Koch, J.; Cheng, Q. (2016)
The Role of Qualitative Success Factors in the Analysis of Crowdfunding Success: Evidence From Kickstarter
In: Proceedings of the 20th Pacific Asia Conference on Information Systems (PACIS 2016); Chiayi, Taiwan
Category: Proceedings [Find it]
AbstractIn recent years, crowdfunding has become a valuable mean for initiators to raise funds for realizing projects and start-up ideas. These initiators are highly interested in the question of what factors contribute to successfully collecting a certain amount of funding in crowdfunding campaigns. For that reason, research has addressed this question by analyzing factors that influence funding success. However, research has concentrated on quantitative factors and has not yet tapped the full potential of qualitative factors when analyzing crowdfunding campaign success. The human decision making processes are not strictly based on objective figures but on qualitative aspects as well. Thus, we hold it to be substantial to take qualitative factors into consideration to gain deeper insights of crowdfunding success. Therefore, we propose a research model that combines quantitative as well as qualitative factors to show the relevance of incorporating qualitative aspects. Our evaluation gives evidence that the inclusion of qualitative factors unveils new details about funding success and allows to give more detailed advice to founders. While previous research on crowdfunding base primarily on the notion of founders' preparedness, our results allow to infer that also subjective perception of information, media, and founders has an important influence on funding success.
Reference No.: 2016-61
Koch, J. (2016)
The Phenomenon of Project Overfunding on Online Crowdfunding Platforms - Analyzing the Drivers of Overfunding
In: Proceedings of the 24th European Conference on Information Systems (ECIS 2016); Istanbul, Turkey
Category: Proceedings [Find it]
AbstractOn online crowdfunding platforms, three stakeholder groups, i.e., platform operators, project founders, and funders, encounter each other and influence funding outcomes by their actions and behaviors. Interestingly, among the successfully funded projects, some projects are heavily overfunded. By our research paper, we address this phenomenon of project overfunding. Especially in reward-based crowdfunding, massive overfunding can lead to severe problems for project founders when vast amounts of rewards have to be delivered. Some people even argue that the amount of money that leads to overfunding should better be pledged to good but undervalued projects that fail to reach their fund-ing goal. However, it is also a powerful mean to generate publicity and to sell products. In order to help understanding this phenomenon, we analyze its drivers. Our analysis gives evidence for all three stakeholder groups contributing to overfunding. We provide arguments for all three stakeholder groups to have certain egoistic incentives for a further backing of already funded projects instead of prioritizing a more demand-oriented distribution of funding. Our findings extend the understanding of funding processes on crowdfunding platforms and are of high interest for practitioners in the field.
Reference No.: 2016-40
Janze, C.; Siering, M. (2016)
How Status Shapes Objectivity in User-Generated Content
In: EFL Quarterly, 2/2016; Frankfurt am Main
Category: Miscellaneous [Find it]
Reference No.: 2016-35
Gomber, P. (2016)
The German Equity Trading Landscape
In: SAFE White Paper No. 34
Category: Miscellaneous [Find it]
AbstractThis paper describes cash equity markets in Germany and their evolution against the background of technological and regulatory transformation. The development of these secondary markets in the largest economy in Europe is first briefly outlined from a historical perspective. This serves as the basis for the description of the most important trading system for German equities, the Xetra trading system of Deutsche Boerse AG. Then, the most important regulatory change for European and German equity markets in the last ten years is illustrated: the introduction of the Markets in Financial Instruments Directive (MiFID) in 2007. Its implications on equity trading in Germany are analyzed against the background of the current status of competition in Europe. Recent developments in European equity markets like the emergence of dark pools and algorithmic / high frequency trading are portrayed, before an outlook on new regulations (MiFID II, MiFIR) that will likely come into force in early 2018 will close the paper.
Reference No.: 2016-8
Benthaus, J.; Risius, M.; Beck, R. (2016)
Social Media Management Strategies for Organizational Impression Management and their Effect on Public Perception
In: The Journal of Strategic Information Systems (25, 2)
Category: Publications in scientific journals
AbstractWith the growing importance of social media, companies increasingly rely on social media management tools to analyze social media activities and to professionalize their social media engagement. In this study, we evaluate how social media management tools, as part of an overarching social media strategy, help companies to positively influence the public perception among social media users. A mixed methods approach is applied, where we quantitatively analyze 15 million user-generated Twitter messages containing information about 45 large global companies highly active on Twitter, as well as almost 160 thousand corresponding messages sent from these companies via their corporate Twitter accounts. Additionally, we conducted interviews with six social media experts to gain complementary insights. By these means, we are able to identify significant differences between different social media management strategies and measure the corresponding effects on the public perception.
Reference No.: 2016-5
Ringel, D.; Skiera, B. (2016)
Visualizing Asymetric Competition among More than 1,000 Products Using Big Search Data
In: Marketing Science, Vol. 35, Issue 3, 511-534
Category: Publications in scientific journals [Find it]
Reference No.: 2016-59
Clapham, B.; Zimmermann, K. (2016)
Price Discovery and Convergence in Fragmented Securities Markets
In: International Journal of Managerial Finance, Vol. 12, No. 4, pp. 381-407
Category: Publications in scientific journals [Find it]
AbstractThis paper studies price discovery and price convergence in securities trading within a fragmented market environment where stocks are traded on multiple venues. Although alternative venues currently increase their market share, trading on these venues instantly dries out in case the dominant market switches to a call auction. In this situation, alternative markets await and adopt the official price signal of the dominant market although prices on these venues indicate price discovery. This phenomenon remains persistent at different levels of market fragmentation, indicating that alternative trading venues fully accept the price leadership role of the dominant market during call auctions, no matter their own market share.
Reference No.: 2016-40
Gomber, P.; Haferkorn, M.; Zimmermann, K. (2016)
Securities Transaction Tax and Market Quality - The Case of France
In: European Financial Management, Vol. 22, No. 2, pp. 313-337
Category: Publications in scientific journals [Find it]
AbstractWe study the French Securities Transaction Tax implementation of 1 August 2012. Although a similar tax is planned to be introduced across 11 European countries, consequences for market quality are yet to be thoroughly assessed. We show that liquidity demand and supply significantly drop. Even though the French proposal exempts professional liquidity provision, we find increased spreads and a declined order book depth resulting in additional transaction costs for market participants besides the tax. As all venues trading French stocks are affected, we further find that STT threatens inter-market information transmission by impairing price coordination among fragmented markets in Europe.
Reference No.: 2016-33
