nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2019‒05‒20
25 papers chosen by

  1. Welfare and Political Economy Aspects of a Central Bank Digital Currency By Cukierman, Alex
  2. Do Fundamentals Drive Cryptocurrency Prices? By Bhambhwani, Siddharth; Delikouras, Stefanos; Korniotis, George
  3. Like it or not? The impact of online platforms on the productivity of incumbent service By Alberto Bailin Rivares; Peter Gal; Valentine Millot; Stéphane Sorbe
  4. Credence goods markets and the informational value of new media: A natural field experiment By Rudolf Kerschbamer; Daniel Neururer; Matthias Sutter
  5. A data-driven public sector: Enabling the strategic use of data for productive, inclusive and trustworthy governance By Barbara Ubaldi; Charlotte Van Ooijen; Benjamin Welby
  6. Remittances,The diffusion of information and industrialisation in Africa By Asongu, Simplice A; Odhiambo, Nicholas M
  7. Blockchain Publique versus Blockchain Privée : Enjeux et Limites By Dominique Guegan
  8. Gig economy platforms: Boon or Bane? By Cyrille Schwellnus; Assaf Geva; Mathilde Pak; Rafael Veiel
  9. Blockchain publique et contrats intelligents (Smart Contrats). Les possibilités ouvertes par Ethéreum... et ses limites By Dominique Guegan
  10. On the Bitcoin price dynamics: an augmented Markov-Switching model with Lévy jumps By Julien Chevallier; Stéphane Goutte; Khaled Guesmi; Samir Saadi
  11. The impact of digital government on citizen well-being By Benjamin Welby
  12. "Democratizing Money" By Jan Kregel
  14. Bitcoin : la revanche inattendue des libertariens By Pierre Schweitzer
  15. Does Credit Reporting Lead to a Decline in Relationship Lending? Evidence from Information Sharing Technology By Sutherland, Andrew
  16. The impact of Airbnb on residential property values and rents: evidence from Portugal By Sofia F. Franco, Carlos Daniel Santos, Rafael Longo
  17. Acceptability of e-Filing of Taxes by Micro-Entrepreneurs in Northwestern Nigeria By Mas'ud, Abdulsalam
  18. Les entreprises ont-elles une responsabilité culturelle ? Mission réelle ou faux concept : l'exemple des GAFA By Pierre Schweitzer
  19. Impact study of telematics auto insurance By Cornel Coca Constantinescu; Ion Stanciu; Iulian Panait
  20. Can Blockchain Solve the Hold-up Problem in Contracts? By Richard T. Holden; Anup Malani
  21. Acceptability of e-Filing of Taxes by Micro-Entrepreneurs in Northwestern Nigeria By Mas'ud, Abdulsalam
  22. The Microfinance Alphabet By Marek Hudon; Marc Labie; Ariane Szafarz
  23. Automated Linking of Historical Data By Ran Abramitzky; Leah Platt Boustan; Katherine Eriksson; James J. Feigenbaum; Santiago Pérez
  24. Perceived IT Ambiguity: Development of a Measurement Instrument By Jean-Charles Pillet; Kevin Carillo; Federico Pigni; Claudio Vitari
  25. Explaining the Number of Social Media Fans for North American and European Professional Sports Clubs with Determinants of Their Financial Value By Nicolas Scelles; Boris Helleu; Christophe Durand; Liliane Bonnal; Stephen Morrow

  1. By: Cukierman, Alex
    Abstract: The point of departure of this paper is that, in order to preserve the effectiveness of monetary policy in a world increasingly flooded by private digital currencies, central banks will eventually have to issue their own digital currencies. Although a non-negligible number of central banks (CBs) are actively considering the pros and cons of a central bank digital currency (CBDC) there is yet no CB that has issued such a currency on a full scale. Following a brief survey of current CBs positions on the issuance of a CBDC the paper presents two proposals for the implementation of such a currency: A moderate proposal in which only the banking sector continues to have access to deposits at the CB and a radical one in which the entire private sector is allowed to hold digital currency deposits at the CB. The paper compares and contrasts the implications of those two polar paths to a CBDC for the funding of banks, the allocation of credit to the economy and their implications for welfare as well as for political feasibility. One section of the paper shows that the radical implementation may pave the way toward a narrow banking system and dramatically reduce the need for deposit insurance in the long run. The paper evaluates the relative merits of issuing a currency on a blockchain using a permissionless distributed ledger technology in comparison to a centralized (permissioned) blockchain ledger operated by the CB and concludes that the latter dominates the former in more than one dimension. But it does acknowledge that distributed ledger technologies have many actual and potential cost savings benefits in other segments of the financial and real sectors.
    Keywords: blockchain technology; Central bank digital currency; centralized versus decentralized currencies; narrow banking; permissioned; permissionless
    JEL: E4 E5 H41
    Date: 2019–05
  2. By: Bhambhwani, Siddharth; Delikouras, Stefanos; Korniotis, George
    Abstract: We test the theoretical prediction that blockchain trustworthiness and transaction benefits determine cryptocurrency prices. Measuring these fundamentals with computing power and adoption levels, we find a significant long-run relationship between them and the prices of five prominent cryptocurrencies. Conducting factor analysis, we find that the returns of the five cryptocurrencies are exposed to aggregate fundamental-based factors related to computing power and adoption levels, even after accounting for Bitcoin returns and cryptocurrency momentum. These factors have positive risk premia and Sharpe ratios comparable to those of the U.S. equity market. They further explain return variation in an out-of-sample set of cryptocurrencies.
    Keywords: Asset Pricing Factors; Bitcoin; cointegration; Computing Power; Dash; ethereum; Hashrate; Litecoin; Monero; network
    JEL: E4 G12 G14
    Date: 2019–05
  3. By: Alberto Bailin Rivares; Peter Gal; Valentine Millot; Stéphane Sorbe
    Abstract: This paper uses a novel empirical approach to assess if the development of online platforms affects the productivity of service firms. We build a proxy measure of platform use across four industries (hotels, restaurants, taxis and retail trade) and ten OECD countries using internet search data from Google Trends, which we link to firm-level data on productivity in these industries. We find that platform development supports the productivity of the average incumbent service firm and also stimulates labour reallocation towards more productive firms in these industries. This may notably reflect that platforms’ user review and rating systems reduce information asymmetries between consumers and service providers, enhancing competition between providers. The effects depend on platform type. “Aggregator” platforms that connect incumbent service providers to consumers tend to push up the productivity of incumbents, while more disruptive platforms that enable new types of providers to compete with them (e.g. home sharing, ride hailing) have on average no significant effect on it. Consistent with this, we find that different platform types affect differently the profits, mark-ups, employment and wages of incumbent service firms. Finally, the productivity gains from platforms are lower when a platform is persistently dominant on its market, suggesting that the contestability of platform markets should be promoted.
    Keywords: competition, digital, google trends, platforms, productivity, services, user rating
    JEL: D24 L13 L80 O33
    Date: 2019–05–21
  4. By: Rudolf Kerschbamer (University of Innsbruck); Daniel Neururer (University of Innsbruck); Matthias Sutter (Max Planck Institute for Research on Collective Goods)
    Abstract: Credence goods markets are characterized by pronounced informational asymmetries between consumers and expert sellers. As a consequence, consumers are often exploited and market efficiency is threatened. However, in the digital age, it has become easy and cheap for consumers to self-diagnose their needs using specialized webpages or to access other consumers’ reviews on social media platforms in search for trustworthy sellers. We present a natural field experiment that examines the causal effect of information acquisition from new media on the level of sellers’ price charges for computer repairs. We find that even a correct self-diagnosis of a consumer about the appropriate repair does not reduce prices, and that an incorrect diagnosis more than doubles them. Internet ratings of repair shops are a good predictor of prices. However, the predictive valued of reviews depends on whether they are judged as reliable or not. For reviews recommended by the platform Yelp we find that good ratings are associated with lower prices and bad ratings with higher prices, while non-recommended reviews have a clearly misleading effect, because non-recommended positive ratings increase the price.
    Keywords: credence goods, fraud, information acquisition, internet, field experiment
    JEL: C93 D82
    Date: 2019–03
  5. By: Barbara Ubaldi; Charlotte Van Ooijen; Benjamin Welby
    Abstract: Over the last decade the Open Government Data movement has successfully highlighted the value of data and encouraged governments to open up information for reuse both inside, and outside the public sector. This Working Paper argues that governments now need to go further and put the role and value of data at the core of thinking about the digital transformation of government. A data-driven public sector (DDPS) recognises that data are an asset, integral to policy making, service delivery, organisational management and innovation. The strategic approach governments take to building a DDPS can have a positive impact on the results they deliver by promoting evidence-led policy making and data-backed service design as well as embedding good governance values of integrity, openness and fairness in the policy cycle. After framing the concept the paper presents the opportunities offered by embracing the DDPS approach and identifies some of the challenges that governments may face in establishing a DDPS before concluding with the discussion of the need for coherent strategic approaches that reflect the role of data across the entire public sector, not only from a policy point of view but from an operational and practical perspective.
    Date: 2019–05–17
  6. By: Asongu, Simplice A; Odhiambo, Nicholas M
    Abstract: This study examines the role of information and communication technology (ICT) on remittances for industrialisation in a panel of 49 African countries for the period 1980-2014. The empirical evidence is based on three simultaneity-robust estimation techniques, namely: (i) Instrumental Fixed Effects (FE) in order to control for the unobserved heterogeneity; (ii) Generalised Method of Moments (GMM) to account for persistence in industrialisation; and (iii) Instrumental Quantile Regressions (QR) to control for initial levels of industrialisation. Our best estimators are from FE and QR estimations because the GMM regression outputs largely fail post-estimation diagnostic tests. The following findings are established: (i) There are positive marginal effects from the interaction between remittances and ICT in the FE regressions whereas there are negative marginal impacts from the interaction between remittances and ICT; (ii) Interactions between remittances and mobile phone penetration are positive in the bottom and 90th quantiles whereas the interaction between internet penetration and remittances is positive in the bottom and top quantiles of the industrialisation distribution. Overall, the role of ICT in remittances for industrialisation is much more apparent when existing levels of industrialisation are accounted for. The findings contribute to the debates on the importance of external flows and information infrastructure in economic growth as well as the relevance of remittances in driving economic development in environments where institutions are weak. The value of the study to scholars and policy makers also builds on the fact that the potential for ICT and remittances in Africa can be leveraged to address development challenges on the continent such as the low level of industrialisation.
    Keywords: Remittances; Industrialisation; ICT; Africa
    Date: 2019–05
  7. By: Dominique Guegan (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, Labex ReFi - UP1 - Université Panthéon-Sorbonne)
    Abstract: La blockchain est un sujet très prisé dans le milieu bancaire et de l'assurance, de quoi s'agit-il ? La notion de blockchain émane de la cryptographie et il s'agit d'un protocole permettant de transmettre des informations de manière sécurisée. Nous distinguerons deux approches, l'approche publique décentralisée et l'approche privée centralisée. Le concept de blockchain est apparu grâce à l'émergence de crypto-monnaie et en particulier du Bitcoin. Si la blockchain doit devenir un outil important au sein des banques alors il est nécessaire d'avoir une connaissance assez juste des outils sous-jacents et des enjeux associés à cette nouvelle technologie. En effet, il apparait nécessaire d'identifier les risques qui y sont associés et de proposer des stratégies en vue de les contrôler.
    Keywords: Blockchain,Bitcoin,Régulation
    Date: 2017–06
  8. By: Cyrille Schwellnus; Assaf Geva; Mathilde Pak; Rafael Veiel
    Abstract: The rapid emergence of gig economy platforms that use digital technologies to intermediate labour on a per-task basis has triggered an intense policy debate about the economic and social implications. This paper takes stock of the emerging evidence. The results suggest that gig economy platforms’ size remains modest (1-3 per cent of overall employment). Their growth has been most pronounced in a small number of services industries with high shares of own-account workers, suggesting that thus far they have been a substitute for traditional self-employment rather than dependent employment. New evidence provided in this paper is consistent with positive effects of platform growth on overall employment and small negative or insignificant effects on dependent employment and wages. While most empirical studies suggest that platforms are more efficient in matching workers to clients, reductions in barriers to work could offset such productivity-enhancing effects by creating employment opportunities for low-productivity workers. Fully reaping the potential benefits from gig economy platforms while protecting workers and consumers requires adapting existing policy settings in product and labour markets and applying them to traditional businesses and platforms on an equal footing.
    Keywords: gig economy, public policy
    JEL: J21 J40 J48
    Date: 2019–05–21
  9. By: Dominique Guegan (CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne, Labex ReFi - UP1 - Université Panthéon-Sorbonne, IPAG Business School)
    Abstract: Ethéreum est un protocole d'échanges décentralisés qui ne produit pas seulement une crypto-monnaie, mais permet aussi la création par les utilisateurs de smart contrats. Mais si la plateforme laisse beaucoup de libertés aux acteurs en termes de développement d'applications, des questions de sécurité et de robustesse se posent encore concernant le protocole, les plateformes, les bugs dans le code des contrats.
    Keywords: régulation,Blockchain,Smart Contrat,Ethéreum
    Date: 2017–12
  10. By: Julien Chevallier (IPAG Business School, UP8 - Université Paris 8 Vincennes-Saint-Denis); Stéphane Goutte (LED - Université Paris 8, PSB - Paris School of Business); Khaled Guesmi (IPAG Lab - IPAG Lab - Ipag, École de gestion Telfer / Université d'Ottawa - Université d'Ottawa); Samir Saadi (École de gestion Telfer / Université d'Ottawa - Université d'Ottawa)
    Abstract: This study contributes to the existing literature on the empirical characteristics of virtual currency allowing for a dynamic transition between different economic regimes and considering various crashes and rallies over the business cycle, that is captured by jumps. We combine Markov-switching models with Levy jump-diffusion offer a new model that captures the different sub-period of crises over the business cycle, that is captured by jumps. This method also enables to test the relevance of dynamic measures of regime switching concerning the independent pure-jump process, which are not frequently used in the literature. Bitcoin offers something different than a traditional currency; there is potential value of having a network that helps as a secure repository for the common knowledge of all transactions. Besides, the value of Bitcoin fluctuates so wildly that it may be too risky to serve as a credible store of value.
    Keywords: Bitcoin,Lévy process,Markov-switching model
    Date: 2019–05–06
  11. By: Benjamin Welby
    Abstract: Informed by the OECD’s well-being framework, this Working Paper considers how the experience of civic engagement and governance is being transformed and explores how governments can harness the potential of digital technologies and data to develop better outcomes for better lives. The paper proposes that in order to maximise the relationship between digital government activity and citizen well-being, government focus should be on benefits that are not only material in terms of the quality of services, but that reflect the intellectual and emotional benefits derived from a different approach to government interactions with its constituents. The paper suggests that the relationship between digital government and citizen well-being is best encapsulated by the outcomes which follow from a government that is responsive, protective and trustworthy.
    Date: 2019–05–15
  12. By: Jan Kregel
    Abstract: In the Western interpretation of democracy, governments exist in order to manage relations of property, with absence of property ownership leading to exclusion from participation in governance and, in many cases, absence of equal treatment before the law. Democratizing money will therefore ensure equal opportunity to the ownership of property, and thus full participation in the democratic governance of society, as well as equal access to the banking system, which finances the creation of capital via the creation of money. If the divergence between capital and labor--between rich and poor--is explained by the monopoly access of capitalists to finance, then reducing this divergence is crucially dependent on the democratization of money. Though the role of money and finance in determining inequality between capital and labor transcends any particular understanding of the process by which the creation of money leads to inequity, specific proposals for the democratization of money will depend on the explanation of how money comes into existence and how it supports capital accumulation.
    Keywords: Money; Finance; Financial History; Clearing Systems; Unit of Account
    JEL: E42 E51 E52
    Date: 2019–05
  13. By: Ambre Nicolle (Télécom ParisTech); Lukasz Grzybowski (Télécom ParisTech); Christine Zulehner (University of Vienna [Vienna])
    Abstract: In this paper, we assess the impact of competition, investment and regulation on prices of mobile services in France. We estimate hedonic price regressions using data on tariff plans offered by the main mobile telecommunications operator in France between May 2011 and December 2014. In this time period, the obtained quality-adjusted price index decreased by about 42.8% as compared to a decline in weighted average prices without quality-adjustment of 8.7%. In a second step, we relate the quality-adjusted prices to a set of competition, investment and regulation variables and find that the launch of 4G networks by mobile operators was the main driver of price reductions for classic tariffs with commitment. Low-cost tariffs without commitment which were introduced to preempt the entry of low-cost competitor declined at the time of entry. Moreover, we find that regulation, which is approximated by the level of mobile termination charges and international roaming price caps for voice and data, has a joint significant impact on quality-adjusted prices. In percentage terms, competition is responsible for about 23.4% of total price decline and investments in 4G for 56.1%.
    Date: 2018–04
  14. By: Pierre Schweitzer (LID2MS - Laboratoire Interdisciplinaire Droit des Médias et Mutations Sociales - AMU - Aix Marseille Université)
    Abstract: Serge Schweitzer, économiste disciple de l'Ecole Autrichienne d'Economie, a toujours affiché ses sympathies libertariennes. Dans la lignée d'économistes tels que Ludwig Von Mises ou Murray Rothbard, il a toujours dénoncé le monopole des gouvernements dans la production monétaire au travers des banques centrales. Cette situation est aujourd'hui remise en cause par une innovation technologique : les crypto-monnaies (ou cybermonnaies) au premier rang desquelles Bitcoin. Pour honorer la carrière de Serge Schweitzer et son combat pour une monnaie libre, l'auteur fait l'éloge de Bitcoin et trace les principales perspectives économiques et politiques offertes par cette innovation. Malgré son caractère révolutionnaire d'un point de vue technologique et politique, Bitcoin fait face à des barrières règlementaires qui seront difficiles à surmonter, et que l'auteur analyse en conclusion de cet article.
    Date: 2019–01
  15. By: Sutherland, Andrew
    Abstract: I examine how credit reporting affects where firms access credit and how lenders contract with them. I use within firm-time and lender-time tests that exploit lenders joining a credit bureau and sharing information in a staggered pattern. I find information sharing reduces relationship-switching costs, particularly for firms that are young, small, or have had no defaults. After sharing, lenders transition away from relationship contracting, in two ways: contract maturities in new relationships are shorter, and lenders are less willing to provide financing to their delinquent borrowers. My results highlight the mixed effects of transparency-improving financial technologies on credit availability.
    Keywords: Debt contracts; information sharing; information asymmetries; hard and soft information; credit bureaus; relationship lending; transactional lending; information economics; entrepreneurial finance; credit reports; credit scores, FinTech
    JEL: D82 D83 G21 G23 G30 G32 M41
    Date: 2018
  16. By: Sofia F. Franco, Carlos Daniel Santos, Rafael Longo
    Abstract: Short-term rentals have facilitated the upraise trend in tourism growth in several cities around the world. However, concerns for the negative effects that such home-sharing platforms may have on the housing market and traditional markets have driven community groups and housing advocates to intensely react against them. Whether or not shortterm rentals increase housing prices and rents for local residents is an empirical question. We quantify the causal effects of Airbnb's short-term rentals on urban housing affordability in Portugal by estimating quarterly housing rents and prices as a function of Airbnb concentration. We take advantage of the 2014 regulatory reform and employ a difference-in-differences (DiD) empirical strategy. We estimate an overall increase in property values of 34% and 10.9% for rents due to the short-term lease regulatory reform. We also find that these effects are particularly localized to the historical centers and areas attractive to tourists in the cities of Lisbon and Porto. A better understanding of the effects of shortterm home rentals on housing markets and of the magnitude of its impact on residential property prices and rents are crucial information to determine whether it needs to be regulated and how proper regulation should be designed. JEL codes: R21, R31, Z32
    Keywords: property values, Airbnb, short-term rentals, regulation
    Date: 2019
  17. By: Mas'ud, Abdulsalam
    Abstract: E-filing for some kinds of tax payments was introduced at the federal level in Nigeria in 2013, yet it has not been made available by state government for the collection of Personal Income Tax from micro-entrepreneurs – a major source of revenue. This research was designed to investigate the acceptability of e-filing to micro-entrepreneurs in Northwestern Nigeria. Micro-entrepreneurs were asked what factors would affect their willingness to use e-filing should it become available. Data were collected through survey questionnaires from 384 micro-entrepreneurs and interviews with three tax consultants in the region. Performance expectancy was found to be the main predictor of e-filing acceptability by among micro-entrepreneurs: its use will likely enhance their ability to pay their taxes. Effort expectancy is the second main predictor, implying that micro-entrepreneurs believe that e-filing will be easy to use, and thus influence its acceptability. Social influence is the third main predictor of e-filing acceptability; friends, family, and business associates who value e-filing will influence its acceptance among micro-entrepreneurs. Trust in e-filing software was found to be an insignificant predictor of e-filing acceptability for micro-entrepreneurs. Lastly, awareness was found to be a negative factor that would affect the willingness of micro-entrepreneurs to use e-filing: while they are willing to use e-filing, they lack awareness of its operating modalities. In line with the findings, it is recommended that state government in Nigeria should introduce an e-filing system for collecting taxes from micro-entrepreneurs. The e-filing software design needs to be bilingual and fully reliable to gain the trust of its potential users, and the use of intermediaries to assist the users should be encouraged.
    Keywords: Finance, Governance,
    Date: 2019
  18. By: Pierre Schweitzer (LID2MS - Laboratoire Interdisciplinaire Droit des Médias et Mutations Sociales - AMU - Aix Marseille Université)
    Abstract: Il est devenu de bon ton de réclamer des entreprises toutes sortes de missions sans rapport avec leur objet principal. C'est particulièrement vrai pour les entreprises que l'on qualifie de GAFA (Google, Apple, Facebook, Amazon) dont beaucoup semblent attendre une responsabilité culturelle à la hauteur de leur influence. L'auteur commence par s'interroger sur la pertinence de l'acronyme GAFA, puis se demande quel peut-être la signification d'une responsabilité culturelle, et surtout si de grandes entreprises du numérique ont vocation à l'assumer, ou si comme le disait l'économiste Milton Friedman "la responsabilité sociale de l'entreprise est de faire du profit."
    Date: 2018–06
  19. By: Cornel Coca Constantinescu (Financial Supervisory Authority); Ion Stanciu (Institute of Financial Studies); Iulian Panait (Financial Supervisory Authority and Institute of Financial Studies)
    Abstract: The development of telematic systems, as well as the need to differentiate the motor insurance market, led to the emergence of new clauses in motor insurance contracts. Thus, vehicle insurance contracts with self-check (and telematic) insurance policies are in the recent focus of insurance companies for motor insurance. With the help of a telematics device installed on the vehicle and a mobile application the driving mode of the driver is permanently assessed;the rating is calculated according andthe discount for the insurance priceis setaccordingly. These types of auto insurance contract terms can provide, on average, 25% savings for carefullydrivers.Our paperpresents, the recent developments in telematics insurance in Europe and around the world and the Romanian drivers propension to accept the monitoring of their driving behavior. We then present the economic, financial and socio-ecological advantages versusdisadvantages revealed by specialized literature for both policyholders and insurers. In this context, we will prefigure the future of telematics insurance in Europe.In our empirical study we estimate the financial impact of telematics insurance in Romania on gross written prices and gross paid indemnities. Finally, we estimate the socio-economic impact of these telematics insurance on the decrease in the number of kilometers,fuel consumption, number of accidents and casualties, and implicitly, on the reduction of the cost of the compensation. For this impact study we used the scenario technique (pessimistic, moderate and optimistic) in relation to the baseline scenario, respectively, the estimate of the natural evolution of the insurance market in the absence of telematics.
    Keywords: auto telematics insurance, driving behavior rating, financial impact of telematics insurance, socio-economic impact of telematics insurance, scenario technique.
    JEL: C53 D03 D53 G22
    Date: 2018–05
  20. By: Richard T. Holden; Anup Malani
    Abstract: Two parties sign a contract but before they fully perform they modify the contract. Should courts enforce the modified agreement? The modification may enable efficient trade in response to changed circumstances, or one party may have made an efficient relationship-specific investment and then been held-up by the other. Courts have had difficulty tackling this problem because the facts required to discriminate between the two situations are non-verifiable. A private remedy is for the parties to write a contract that is robust to hold-up or that makes the facts relevant to modification verifiable. But implementing such remedies requires commitment to the provisions, i.e., they themselves are subject to non-compliance. Conventional contract technology, e.g., the use of liquidated damages, to ensure commitment are disfavored by courts and subject to renegotiation. Smart contracts written on blockchain ledgers may offer a solution. We explain the basic economics of these technologies. We argue that they can used to implement liquidated damages without court involvement and thereby obtain commitment to renegotiation design and revelation mechanisms. We address the hurdles courts may impose to use of smart contracts and argue that sophisticated parties’ ex ante commitment to them may lead courts to allow their use as pre-commitment devices.
    JEL: D82 D86 K12
    Date: 2019–05
  21. By: Mas'ud, Abdulsalam
    Abstract: With the first implementation of e-filing by the US in 1986, many countries in Europe, Asia and Africa followed suit. E-filing for certain tax payments was introduced at the federal level in Nigeria in 2013. However, none of the State Boards of Internal Revenue (or State Internal Revenue Services) have made the system available for the collection of personal income taxes from micro-entrepreneurs – a major source of their revenue. This research was designed to investigate the acceptability of e-filing for micro-entrepreneurs in northwestern Nigeria. Summary of ICTD Working Paper 96 by Abdulsalam Mas’ud.
    Keywords: Economic Development, Finance, Governance,
    Date: 2019
  22. By: Marek Hudon; Marc Labie; Ariane Szafarz
    Abstract: Much has been learnt in microfinance over the last ten years. But there is yet so much to discover on how to improve financial inclusion and development. This paper offers an—evidently subjective—microfinance alphabet, hoping to so provide the microfinance scientific community with an opportunity to “read together” both where we stand and where we are heading.
    Keywords: Microfinance; Microcredit; Financial inclusion; Social finance; Hybrid organizations; Portsmouth
    JEL: G21 G23 O16 G32 O19
    Date: 2019–05–10
  23. By: Ran Abramitzky; Leah Platt Boustan; Katherine Eriksson; James J. Feigenbaum; Santiago Pérez
    Abstract: The recent digitization of complete count census data is an extraordinary opportunity for social scientists to create large longitudinal datasets by linking individuals from one census to another or from other sources to the census. We evaluate different automated methods for record linkage, performing a series of comparisons across methods and against hand linking. We have three main findings that lead us to conclude that automated methods perform well. First, a number of automated methods generate very low (less than 5%) false positive rates. The automated methods trace out a frontier illustrating the tradeoff between the false positive rate and the (true) match rate. Relative to more conservative automated algorithms, humans tend to link more observations but at a cost of higher rates of false positives. Second, when human linkers and algorithms have the same amount of information, there is relatively little disagreement between them. Third, across a number of plausible analyses, coefficient estimates and parameters of interest are very similar when using linked samples based on each of the different automated methods. We provide code and Stata commands to implement the various automated methods.
    JEL: C81 N0
    Date: 2019–05
  24. By: Jean-Charles Pillet (ESC Grenoble - Ecole Supérieure de Commerce de Grenoble - Grenoble École de Management (GEM)); Kevin Carillo; Federico Pigni (CETIC asbl - Centre d’Excellence en Technologies de l’Information et de la Communication); Claudio Vitari (AMU - Aix Marseille Université)
    Abstract: Information technologies (IT) have reached such degrees of functional richness that forming a complete, coherent, and stable understanding of a given IT product may be challenging for some users. The need to theorize this phenomena and to measure its effect on IT adoption empirically is rife. This paper introduces the construct of perceived IT ambiguity (PITA), which captures the extent to which a user has difficulties making sense of an IT artifact. A multi-item measurement scale is developed and its validity and reliability pre-tested on a pilot sample. The effect of the focal variable on technology adoption is tested using covariance-based SEM. Preliminary results indicate that ambiguity is a double-edged sword that simultaneously boosts and impede IT adoption.
    Keywords: Survey instrument development,technology adoption,theory of planned behavior,consumer,social media,ambiguity
    Date: 2018
  25. By: Nicolas Scelles (University of Stirling); Boris Helleu (CesamS - Centre d'étude sport et activités motrices - UNICAEN - Université de Caen Normandie - NU - Normandie Université); Christophe Durand (CesamS - Centre d'étude sport et activités motrices - UNICAEN - Université de Caen Normandie - NU - Normandie Université); Liliane Bonnal (CRIEF - Centre de Recherche sur l'Intégration Economique et Financière - Université de Poitiers); Stephen Morrow (University of Stirling)
    Abstract: The aim of this article is to investigate the explanatory variables of the number of Facebook fans and Twitter followers for professional sports clubs based on the financial value literature. Such explanatory variables are related to local market conditions and on-field and off-field performance. Based upon a sample of North American major league clubs and the most valuable European soccer clubs as evaluated by Forbes over the 2011-2013 period (423 observations), our results indicate a range of variables with a significant positive impact on the number of social media fans: population, no competing team in the market, current sports performance, historical sports performance, facility age, attendance, operating income, expenses/league mean, and being an English football club. An improved understanding of the effectiveness of clubs' social media presence is important for contemporary sport managers in terms of enhancing supporter communication, involvement, and accountability, as well as maximizing clubs' revenue generation possibilities. Our findings could help sport managers to realize their clubs' social media potential in pursuit of these objectives, specifically to understand which variables are under-exploited and why some clubs over-perform, which will allow managers to prioritize decisions to increase their number of social media fans and financial value.
    Keywords: financial value JEL Classification: L83,on-field and off-field performance variables,social media,Facebook fans,Twitter followers,professional sports clubs,North America,Europe,local market variables,Z23
    Date: 2017–12

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