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on Payment Systems and Financial Technology |
| By: | William Barnett (Department of Economics, The University of Kansas; Center for Financial Stability, New York City; IC2 Institute, University of Texas at Austin); Mingzhi Hu (Department of Investment, School of Public Economics and Administration, Shanghai University of Finance and Economics,Shanghai, China;); Xue Wang (Department of Finance; College of Economics, Jinan University, Guangzhou, China;) |
| Abstract: | Impacts on the probability of transition to entrepreneurship in rural China associated with the utilization of information communication technology (ICT) are estimated using longitudinal data from the China Family Panel Studies (CFPS) survey. We identify cell phone ownership and internet use as proxy variables for ICT utilization and find that cell phone ownership and internet use have positive impacts on entrepreneurship. After controlling for observables and time and regional fixed effects, cell phone users (internet users) are 2.0 (6.4) percentage points more likely to engage in entrepreneurship than the others. Considering that the average entrepreneurship rate for rural households is only 9.5% in the sample, the influence of cell phone ownership and internet use are very strong in the economic sense. Our results are robust to unobservable individual characteristics, model misspecification, and reverse causality of entrepreneurship to ICT utilization. Evidence also suggests that social network and information and knowledge acquisition play the mediating roles in the impact of ICT utilization on entrepreneurship. |
| Keywords: | ICT; social network; information acquisition; entrepreneurship |
| JEL: | D10 M51 Q55 |
| Date: | 2018–02 |
| URL: | http://d.repec.org/n?u=RePEc:kan:wpaper:201802&r=pay |
| By: | Eyal Apatov (Ministry of Business, Innovation and Employment); Nathan Chappell (Motu Economic and Public Policy Research); Arthur Grimes (Motu Economic and Public Policy Research) |
| Abstract: | Using data on internet access for New Zealand’s 46,637 meshblocks, we examine issues of path dependence and the digital divide. We test whether areas that had the best railway access in the 1880s also have best access to new fibre internet infrastructure. Results suggest strong path dependence with respect to topography: people in areas that lacked 19th century rail due to remoteness or terrain are much less likely to have prioritised fibre access and slightly less likely to have current or (planned) future fibre access. Next, we examine path dependence with respect to ethnicity, given that 19th century railways deliberately avoided predominantly M?ori areas. The results suggest weak path dependence: countrywide, M?ori are slightly less likely to get fibre access than other New Zealanders, though are slightly more likely to have access within urban areas. Finally, we examine whether the rollout of fibre is increasing or decreasing the digital divide in access between rich and poor. Results show that those in more deprived areas are the most likely to benefit from fibre access, because these areas also tend to be denser and density was a factor in determining the path of the fibre rollout. |
| Keywords: | Digital divide, path dependence, economic history, inequality, broadband |
| JEL: | L92 L96 N97 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:mtu:wpaper:18_04&r=pay |
| By: | Paolo Crosetto (INRA - Institut National de la Recherche Agronomique); Tobias Regner (Friedrich-Schiller-Universität Jena) |
| Abstract: | Crowdfunding recently emerged as an alternative funding channel for entrepreneurs. We use pledge-level data from Startnext, the biggest German platform, to gain insights on funding dynamics and pledgers' motivations. We find that the majority of projects that eventually succeed are not on a successful track at 75% of their funding period. These late successes are boosted by information cascades during the final 25% of the funding duration. We conclude – in contrast with earlier literature – that project success is only partially path-dependent. While early pledges do anticipate project success, a lack of them does not necessarily mean that projects will fail. Interviews and questionnaire responses indicate that projects' communication efforts play a role in making severely under track projects succeed eventually. Moreover, our dataset uniquely allows us to quantify the extent of self funding. Self pledges account for about 10% of all initial pledges and 9% of all pledges that secure funding. Nonetheless, the late surges at severely under track projects are mostly driven by external funders. Furthermore, we find no evidence of subsequent herding triggered by self pledges. |
| Keywords: | crowdfunding,entrepreneurial finance,donations,pre-selling,innovation,self funding |
| Date: | 2018–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01779128&r=pay |
| By: | Peter Sittler |
| Abstract: | Digitalization is a global phenomenon and has an important impact on real estate industry. A growing importance of digital transformation is expected in the future. Especially the real estate sector with solid, physical and palpable buildings seems to deprive this trend.This research paper will evaluate the recent and future situation of digital real estate trends in particular the DACH region [Germany (D), Austria (A), Switzerland (CH)]. The first part gives an overview to point out the current state of literature and to find a comprehensive analysis of the published literature. Especially the Switzerland publishes outstanding studies in this field. There is a number of publications concerning the future of real estate and the utilized technologies as the meanwhile mainly known buzzwords building information modelling (BIM), internet of things (IoT), augmented (AR) and virtual reality (VR), big data analytics, 3D-printing, cloud solutions and smart concepts. But an overall survey and summary was not yet made. The second part should identify the upcoming topics influencing the real estate industry. The aim is to analyze future business models and trends with their advantages or disadvantages for infrastructure, buildings and companies to structure and classify their future potential. Many new proptechs (consisting of the terms property and technology) coming up to shift the property sector into the digital era, so the development of alternative business models will become essential for real estate business. |
| Keywords: | Business Model; Digitalization; New Technology; proptech; Trends |
| JEL: | R3 |
| Date: | 2017–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2017_128&r=pay |
| By: | Sonnenschein, Katja Rabea |
| Abstract: | Nowadays, information technology (IT) has become an integral part of our everyday life. In both the private and business context, we extensively use different IT systems for data production, data organization, data analysis, and communication with others. Due to the extensive usage of IT, the amount of digitalized personal and organizational information is rapidly and incessantly rising — making both private individuals and organizations attractive targets for attackers. The necessity to effectively protect sensitive data from IT security incidents is highly discussed in practice and research, it attracts high media attention, and our society should be actually aware of the importance of IT security in today’s digital world. However, recent reports demonstrate that organizations as well as private individuals — even though they are afraid of the rapid evolution of IT security risks — still often refrain from adopting the necessary IT security safeguards. To better prepare our society for the ongoing risks arising from extensive IT usage, a better understanding of how IT security is perceived by private individuals and managers is required. Motivated by the findings and theoretical underpinnings from previous research, this thesis addresses several research questions with respect to IT security perceptions and behaviors of private individuals and managers in organizations. By conducting four studies — one among private individuals and three among managers in organizations — the thesis not only contributes to the current research but also provides useful recommendations for practice. Suppliers of IT and IT security products as well as managers in customer organizations can especially learn from the findings of the studies. First, research paper A is focused on the private context and analyzes the gender differences in mobile users’ IT security perceptions and protective behaviors. Drawing on Gender Schema Theory and Protection Motivation Theory, a mixed-method study (survey, experiment, and interviews) under laboratory conditions is conducted. The results show that IT security perceptions of females and males are based on different downstream beliefs and indicate that females are more likely to translate their intention to take precautionary actions into actual behavior than males. The studies presented in research papers B, C, and D are conducted within the business context and focus on the IT security perceptions and behaviors of managers in organizations. Research paper B analyzes top managers’ IT security awareness. Since previous research predominantly investigated IT security awareness at the employee level, a comprehensive conceptualization of IT security awareness at the management level is currently missing. To address this research gap, a structured literature review and expert interviews are performed in order to develop and test a comprehensive conceptualization — including both individual and organizational factors — of top managers’ IT security awareness. Within research paper C, managers’ willingness to pay for IT security is in the focus of the investigation. Previous research largely neglected that various IT security safeguards might be differently evaluated by organizations, for example, due to different IT security requirements. By drawing on Kano’s Theory, the study takes into account that — depending on the organization’s individual IT security requirements — the implementation of IT security safeguards can also be associated with disadvantages. Based on interviews and an empirical study among managers, the study reveals that IT security safeguards are differently evaluated and that these different evaluations are associated with different levels of managers’ willingness to pay. Finally, research paper D analyzes managers’ Status Quo-Thinking in risk perception. Based on Prospect Theory, Status Quo Bias research, and an empirical study among managers, the findings indicate that managers’ risk evaluations and decisions to adopt new technologies are highly dependent on their assessments of the systems currently used in the organization. Moreover, the results implicate that the impact of Status Quo-Thinking on managers’ risk assessments and intentions to adopt new technologies is stronger the less experienced a manager is with a new technology, probably resulting in an incorrect risk assessment and inappropriate adoption behavior. Implications for research and practice are discussed in more detail within each research paper and summarized in the final chapter of the thesis. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:dar:wpaper:102853&r=pay |
| By: | Dengler, Sebastian (Tilburg University, TILEC); Prüfer, Jens (Tilburg University, TILEC) |
| Abstract: | Recent progress in information technologies provides sellers with detailed knowledge about consumers' preferences, approaching perfect price discrimination in the limit. We construct a model where consumers with less strategic sophistication than the seller's pricing algorithm face a trade-off when buying. They choose between a direct, transaction cost-free sales channel and a privacy-protecting, but costly, anonymous channel. We show that the anonymous channel is used even in the absence of an explicit taste for privacy if consumers are not too strategically sophisticated. This provides a micro-foundation for consumers' privacy choices. Some consumers benefit but others suffer from their anonymization. |
| Keywords: | privacy; big data; perfect price discrimination; level-k thinking |
| JEL: | L11 D11 D83 D01 L86 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutil:809f6834-9e85-4449-b21a-67cdb02beacf&r=pay |
| By: | Toke R. Fosgaard (University of Copenhagen); Adriaan (A.R.) Soetevent (University of Groningen; Tinbergen Institute, The Netherlands) |
| Abstract: | The declining use of cash in society urges charities to experiment with digital payment instruments in their off-line fund raising activities. Cash and card payments differ in that the latter do not require individuals to donate at the time of the ask, disconnecting the decision to give from the act of giving. Evidence shows that people who say they will give mostly do not follow through. Our theory shows that having people to formally state the intended amount may alleviate this problem. We report on a field experiment the results of which show that donors who have pledged an amount are indeed more likely to follow through. The firmer the pledge, the more closely the amount donated matches the amount that was pledged. 45% of all participants however refuses to pledge. This proves that donors value flexibility over commitment in intertemporal charitable giving. |
| Keywords: | Charitable fundraising; Field experiment; Image motivation |
| JEL: | C93 D64 D91 H41 |
| Date: | 2018–05–04 |
| URL: | http://d.repec.org/n?u=RePEc:tin:wpaper:20180044&r=pay |
| By: | Valentín Ribeiro |
| Date: | 2018–04–27 |
| URL: | http://d.repec.org/n?u=RePEc:col:000139:016236&r=pay |
| By: | Yang, Cathy L.; Mukherjee, Anirban; Xiao, Ping; Chattopadhyay, Amitava |
| Abstract: | Online crowdfunding is a popular new tool for raising capital to commercialize product innovation. Product innovation must be both novel and useful (1-4). Therefore, we study the role of novelty and usefulness claims on Kickstarter. Startlingly, we find that a single claim of novelty increases project funding by about 200%, a single claim of usefulness increases project funding by about 1200%, and the co-occurrence of novelty and usefulness claims lowers funding by about 26%. Our findings are encouraging because they suggest the crowd strongly supports novelty and usefulness. However, our findings are disappointing because the premise of crowdfunding is to support projects that are innovative, i.e. that are both novel and useful, rather than projects that are only novel or only useful. |
| Keywords: | Crowdfunding; Entrepreneurship; Innovation |
| JEL: | L26 M13 O30 |
| Date: | 2017–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:ebg:heccah:1220&r=pay |
| By: | Bodenheimer, Miriam |
| Abstract: | In this paper, which is the first of two case studies, we will examine whether and to what degree a behavioral transition towards greater social sustainability is taking place in the smartphone sector. We define behavioral transitions as normatively driven changes in a conglomerate of structures, culture, norms and practices that are a key element of long-term transitions towards greater sustainability. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fisisi:s062018&r=pay |
| By: | Ebraheim Ali Lahbash; Simon Huston; Ali Parsa |
| Abstract: | To manage development pressures, smart cities need reliable information systems. In turbulent times, a robust valuation system can help to regulate transactions and guide property investment. Reliable valuations are particularly important for Gulf cities like Dubai whose property and capital markets absorb regional oil and global liquidity. The transformation of the Emirate from a fishing village to a global trade, tourism, financial and logistics hub stimulated property markets. Generally, as a market matures, investors downplay speculative bets, valuations standards tighten and players undertake more systematic project quality evaluations. The research investigated the UAE residential valuation system (‘RVS’) based on valuation output reasonableness, stakeholder information transparency, administrative capability, end-user trust and valuation standards salience. Mixed methods evidence involved embedded observations, transactions analysis, expert interviews and confirmatory discussions. Initial results suggest that key UAE residential valuation system improvements should focus on information dissemination, institutional capabilities and dissemination of valuation standards. |
| Keywords: | capabilities; Information; Residential valuation system; Trust; Valuation Standards |
| JEL: | R3 |
| Date: | 2017–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2017_284&r=pay |
| By: | Sandro Montresor; Francesco Quatraro, (University of Turin) |
| Abstract: | This paper investigates the move of regions towards sustainable growth through their specialisation in new green technologies. In particular, we analyse the role that smart specialisation strategies (S3) can have in this respect by addressing two research questions. First of all, we investigate whether the environmental diversification of regional technologies is, according to the S3 logic, driven by their “relatedness” to existing knowledge of green and non-green nature. Second, we analyse the role of the Key Enabling Technologies (KETs) that S3 policies recommend regions to prioritise, not only in fostering the adoption of environmental technologies, but also in affecting its dependence on the pre-existing knowledge-base. Combining regional patent and economic data for a 34-year panel (1980-2013) of 180 European regions, we find that the relatedness to the existing technological-base of the region actually makes the acquisition of a new green-tech specialisation more probable. This holds true with respect to both the green and non-green extant knowledge, pointing to a regional diversification that also benefits from the “hybridisation” of non-environmental technologies. The latter however requires a higher degree of relatedness than a “pure” green branching process. Regional KETs also help the transition towards sustainable technologies. What is more, they negatively moderate the green impact of the relatedness to pre-existing technologies, of both green and non-green nature, and thus attenuate the boundaries the latter could pose to regions in their environmental specialisation. These results confirm that S3 policies can actually boost the intertwining of a smart and sustainable kind of growth, and that the KETs inclusion within S3 can amplify the virtuous interaction between these two objectives. |
| Date: | 2018–04 |
| URL: | http://d.repec.org/n?u=RePEc:uto:dipeco:201808&r=pay |