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on Payment Systems and Financial Technology |
| By: | Fabien Clive Ntonga Efoua (FSEG, UYII-Soa - Faculty of Economics and Management, University of Yaounde II - Soa, CEDIMES - CEDIMES - Centre d'Etudes sur le Développement International et les Mouvements Economiques et Sociaux, CEREG - University of Yaoundé II-SOA, Centre d'Etudes et de Recherche en Economie et Gestion); Françoise Okah Efogo (Faculty of Economics and Management, University of Ebolowa); Yanick Fredy Mvodo (UDa - Faculty of Economics and Applied Management, University of Douala) |
| Abstract: | This paper proposes a reflection on the opportunities and the challenges of the use of digital means of payment (decentralised and regulated ones) in the African economies. In this perspective, we structure our reasoning around three axes. First, we try to show that digital currencies can serve as a lever for financial inclusion and the revolution of means of payment in an increasing digitalization context. Second, we discuss the technical and the infrastructural constraints (deployment of the blockchain, electricity and Internet access) which condition the effective use of digital currencies. Third, we discuss the trade-offs and the possible implications that arise from the circulation of the Bitcoin, the Altcoins and the Stablecoins on the one hand, and the Govcoins on the other. In our view, the African authorities should first focus on overcoming infrastructural and institutional obstacles, rather than rushing the adoption of cryptocurrencies. Some policies implemented in this direction would in fact offer the continent the opportunity to anchor itself once and for all to progress. |
| Keywords: | Cryptocurrencies, Govcoins, Central Bank Crypto Currencies, African economies |
| Date: | 2024–11–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04784299 |
| By: | Wenlong Bian; Lin William Cong; Yang Ji |
| Abstract: | The rise of super-app digital wallets provides not only a conduit to banks but also internal payment options, including Buy-Now-Pay-Later (BNPL). We examine, for the first time, transactions matched with merchant and consumer information, from a leading e-wallet super-app, and complement the analyses with a randomized experiment. We document that BNPL serves as a dominant form of “digital cash” and expands payment and credit access to underserved consumers without increasing indebtedness or delinquencies despite their spending more. The findings crucially depend on the cross-sale capacity and inherent disciplinary incentives of super-app ecosystems. Our findings underscore the synergy between credit and payments and provide novel insights for economies transitioning to cashless via super-app-driven platforms, where FinTech credit sees the greatest potential. |
| JEL: | E42 G20 G23 G51 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33178 |
| By: | Elie BOLA BOONGO (UNIKIS - Université de Kisangani); Dieu-Merci IMO LOKWA; Joël BOSSONGA ILEMA; Samuel BOLA MBOYO |
| Abstract: | This study focuses on the adoption and impact of mobile money on household well-being in Mbandaka, located in the Equateur province of the Democratic Republic of Congo. The objective is to understand how this technology influences financial inclusion, mobility, and the ease of transactions between individuals from different entities, thereby affecting the overall well-being of households.The study has a dual aim. First, it seeks to identify the profile of individuals who adopt mobile money in Mbandaka. Second, it assesses the impact of mobile money usage on the socioeconomic well-being of users. The first objective aims to provide a description of the socioeconomic profile of mobile money users, considering various criteria such as age, gender, education level, and employment. The second objective is to determine whether the use of this technological innovation has indeed improved the quality of life and well-being of the households that utilize it.The study specifically targets mobile phone users with a mobile money account. A sample of 100 individuals was drawn for the survey. Data were collected on their socioeconomic characteristics before and after adopting mobile money technology. The descriptive approach adopted allows for detailing the characteristics of individuals who chose to use this service.Survey results reveal that all mobile money users interviewed (100%) prefer using this service over banks or money transfer agencies for their financial transactions. This preference is attributed to the advantages offered by mobile money, including simplicity, accessibility, and efficiency. The study also shows that 100% of respondents, who were previously excluded from the traditional banking system, were able to access financial services through mobile money usage.These findings confirm the initial hypothesis that the adoption of mobile money has a positive impact on the well-being of households in Mbandaka. By providing financial inclusion opportunities to unbanked individuals, mobile money enables them to benefit from financial services they would not have otherwise obtained. Consequently, the use of this technology appears to enhance living conditions and facilitate financial transactions for households in the city of Mbandaka. |
| Abstract: | La présente étude se concentre sur l'adoption et l'impact de l'utilisation du mobile money sur le bien-être des ménages dans la ville de Mbandaka, située dans la province de l'Équateur en République Démocratique du Congo. L'objectif est de comprendre comment cette technologie influence l'inclusion financière, la mobilité et la facilité des transactions entre particuliers de différentes entités, et donc, le bien-être général des ménages.L'étude poursuit un double objectif. Premièrement, elle cherche à identifier le profil des individus qui adoptent le mobile money à Mbandaka. Deuxièmement, elle évalue l'impact de l'utilisation du mobile money sur le bien-être socioéconomique des utilisateurs. Le premier objectif vise à fournir une description du profil socioéconomique des utilisateurs de mobile money, en tenant compte de divers critères tels que l'âge, le sexe, le niveau d'éducation et l'emploi. Quant au second objectif, il consiste à déterminer si l'utilisation de cette innovation technologique a effectivement amélioré la qualité de vie et le bien-être des ménages qui l'utilisent.L'étude cible spécifiquement les utilisateurs de la téléphonie mobile ayant un compte mobile money. Un échantillon de 100 individus a été tiré pour l'enquête. Des données ont été recueillies sur leurs caractéristiques socioéconomiques avant et après l'adoption de la technologie mobile money. L'approche descriptive adoptée permet de détailler les traits caractéristiques des individus qui ont choisi d'utiliser ce service. Les résultats de l'enquête révèlent que la totalité des utilisateurs de mobile money interrogés (100%) préfèrent utiliser ce service plutôt que les banques ou les agences de transfert d'argent pour leurs transactions financières. Cela s'explique par les avantages offerts par la monnaie mobile, notamment sa simplicité, son accessibilité et son efficacité. L'étude montre également que 100% des personnes enquêtées, qui étaient auparavant exclues du système bancaire traditionnel, ont pu accéder aux services financiers grâce à l'utilisation de mobile money. Ces résultats confirment l'hypothèse de départ selon laquelle l'adoption du mobile money a un impact positif sur le bien-être des ménages de Mbandaka. En offrant des opportunités d'inclusion financière aux personnes non bancarisées, le mobile money permet à ces individus de bénéficier de services financiers qu'ils n'auraient pas pu obtenir autrement. |
| Keywords: | Mobile money, financial inclusion, Soci-economic aspects, Inclusion financière et Lutte contre la Pauvreté, Bien-être, Socio-économie, well-being, household |
| Date: | 2023–10–25 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04792972 |
| By: | Eduardo Nakasone; Máximo Torero; Angelino Viceisza |
| Abstract: | Migrant remittances are significant but remain relatively costly to send. Policymakers have argued that fintech, specifically, comparison websites like kayak.com but for sending money, can boost financial inclusion and reduce remittance prices. Yet, little is known about how migrants with limited education and trust in digital methods interact with fintech. We conduct a field experiment on a comparison website and vary remittance-company attributes shown to migrants, specifically, the time for delivery and customer reviews. We use visual attention data to explore search. We find that (1) while 10-28 percent of migrants exhibit some type of remittance habit, more than half experiment with companies once provided with fintech information; (2) while migrant response to information is rational and search seems targeted, there is considerable heterogeneity—those with low prior awareness of comparison sites, financial literacy, or information-processing capability are less responsive to fintech; and (3) when presented with fintech information, migrants are 44 percent more likely to behave counter to the preferences over attributes they exhibit outside of the study. As such, they pay 20-30 percent more despite typically shopping around for the cheapest company. The findings suggest a nuanced potential for fintech to improve financial inclusion and consumer welfare. |
| JEL: | C93 D87 F22 F24 G2 G53 O12 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33183 |
| By: | Aomar Ibourk; Zakaria Elouaourti |
| Abstract: | This paper was originally published on erf.org.eg The digital divide in the financial sector has occurred through the development of financial technologies. These latest “FinTech” refers to technological innovations that have emerged in the financial system in recent years, which are the new channels for providing financial services. These innovations have disrupted traditional financing models by making financial transactions more secure and by reducing spatiotemporal constraints. The purpose of this paper is to investigate 1) the digital financial inclusion levels across the MENA countries? 2) which segments of the population are digitally financially excluded? 3) How the digital divide could preclude some segments from being financially included as a result of a lack of financial literacy (risks)? 4) and how FinTech could promote financial inclusion of segments excluded by the conventional financial system (women, elderly) and therefore the inclusive development of the MENA region (opportunities). To tackle these issues, we employed a mixed methodological approach (quantitative and qualitative) and by mobilizing micro-level data on 9, 053 individuals extracted from the World Bank's latest Global Findex 2021 database. First, our comparative analysis mobilizing the principal component analysis method to develop a Digital Financial Inclusion Index (DFII) highlighted that despite the various initiatives that have been undertaken in recent years, digital financial inclusion in the MENA region remains at a low level compared to other countries worldwide. Second, the results of the estimations on a Logit model pointed out that the educational level, labor force participation, information and communication technologies, and internet access are the main drivers of digital financial inclusion in the MENA region. Our work is original in that it provides grounded empirical evidence on the digital financial inclusion levels across MENA countries and investigates how to ensure that the digital divide in the financial sector "Financial Technologies" does not further exclude segments of the population (women, elderly...) financially excluded by the conventional financial system by increasing their digital financial literacy, promoting their participation in the labor market, and expanding access to mobile phones and the Internet. Considering the comprehensiveness of our sample, policy implications will be of great interest to financial sector regulators in MENA region to improve digital financial inclusion in the region, as these implications have been drawn from the micro-level experiences of individuals constituting our database. |
| Date: | 2023–07 |
| URL: | https://d.repec.org/n?u=RePEc:ocp:rpaeco:rpnn_74 |
| By: | Lin William Cong; Ke Tang; Danxia Xie; Weiyi Zhao |
| Abstract: | We conceptually identify and empirically verify using marketplace lending data the features distinguishing FinTech platforms from non-financial platforms: (i) Long-term contracts introducing default risk at both the individual and platform levels; (ii) Lenders’ investment diversification to mitigate individual default risk; (iii) Platform-level default risk leading to greater asymmetric user stickiness and rendering platform-level cross-side network effects (p-CNEs), a novel metric we introduce, crucial for adoption and market dynamics. We incorporate these features into a model of two-sided FinTech platform with potential failures and endogenous participation/fees. The model predicts lenders’ single-homing, occasional lower fees for borrowers, asymmetric p-CNEs, and the predictive power of lenders’ p-CNEs in forecasting platform failures. Marketplace lending in China empirically corroborate our model predictions in this dynamic industry characterized by entries, exits, and network externalities. Specifically, lenders’ p-CNEs are empirically lower on declining or more established platforms compared to growing or new ones. Moreover, lenders’ p-CNEs predict platforms’ survival likelihood among others, even at very early stages. Our findings provide novel economic insights on multi-sided FinTech platforms for both practitioners and regulators. |
| JEL: | G19 G23 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33173 |
| By: | Christian de Boissieu |
| Abstract: | Faced with the rise of cryptocurrencies, central banks are responding by launching their digital currencies. The purpose of this Policy Brief is to provide an update on the preparation of central bank digital currencies (CBDs) by monetary authorities, a process that concerns all emerging, developing, and more advanced countries. It is also about analyzing the conditions and some of the consequences (for banks, for financial inclusion, for the conduct of monetary policy...) of such a financial innovation, systematically distinguishing between wholesale and retail CBDCs. |
| Date: | 2023–04 |
| URL: | https://d.repec.org/n?u=RePEc:ocp:pbtrad:pb_19_23_0 |
| By: | Shabnam Fazliani; Mohammad Mowlavi Sorond; Arsalan Masoudifard |
| Abstract: | The advent of smart contracts has enabled the rapid rise of Decentralized Finance (DeFi) on the Ethereum blockchain, offering substantial rewards in financial innovation and inclusivity. However, this growth has also introduced significant security risks, including the proliferation of illicit accounts involved in fraudulent activities. Traditional detection methods are limited by the scarcity of labeled data and the evolving tactics of malicious actors. In this paper, we propose a novel Self-Learning Ensemble-based Illicit account Detection (SLEID) framework to address these challenges. SLEID employs an Isolation Forest for initial outlier detection and a self-training mechanism to iteratively generate pseudo-labels for unlabeled accounts, thereby enhancing detection accuracy. Extensive experiments demonstrate that SLEID significantly outperforms traditional supervised approaches and recent semi-supervised models, achieving superior precision, recall, and F1-scores, particularly in detecting illicit accounts. Compared to state-of-the-art methods, our approach achieves better detection performance while reducing reliance on labeled data. The results affirm SLEID's efficacy as a robust solution for safeguarding the DeFi ecosystem and mitigating risks posed by malicious accounts. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.02408 |
| By: | Henkler, Ruven; Schubart, Constantin |
| Abstract: | In the digital age, banks must urgently transform their traditional lending processes. This necessity is intensified by the growing competition from digital providers and customers' increasing expectations for efficiency and speed in financial services. Particularly in the business banking sector, traditional credit processes are often characterized by lengthy processing times and inefficient manual procedures, significantly limiting banks' ability to respond promptly to customer inquiries. This paper examines the role of open banking and automated transaction analysis as key factors in the digital transformation of lending. By integrating real-time data and advanced analytics, banks can make more informed credit decisions and greatly enhance customer satisfaction. At the same time, the risks and challenges associated with implementing these technologies, particularly regarding data protection, regulatory requirements, and technical infrastructure, are critically assessed. This investigation's findings provide valuable insights for financial institutions striving to remain competitive in a rapidly changing digital environment and underscore the need to rethink traditional lending processes fundamentally. |
| Keywords: | Open Banking, PSD2, FinTech, Business Banking, Digital Lending, Business Processes, Digital Transformation |
| JEL: | G20 G21 L86 M15 O32 O33 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:iubhbm:308823 |
| By: | Jaelyn S. Liang; Rehaan S. Mundy; Shriya Jagwayan |
| Abstract: | E-commerce is rapidly transforming economies across Africa, offering immense opportunities for economic growth, market expansion, and digital inclusion. This study investigates the effects of e-commerce on select African regions. By utilizing readiness factors, including mobile money deployment, GDP per capita, internet penetration, and digital infrastructure, the preparedness of African countries for e-commerce adoption is quantified, highlighting significant disparities. Through case studies in urban and rural areas, including Lagos, Kano, Nairobi, and the Rift Valley, the study shows e-commerce's significant effects on small and medium-sized enterprises (SMEs), employment, and market efficiency. Urban centers demonstrated significant gains in productivity and profitability, whereas rural regions experienced slower growth due to limited internet access and infrastructural barriers. Despite these challenges, localized solutions such as mobile money systems and agricultural e-commerce platforms are bridging gaps. This study highlights the significant potential of e-commerce in Africa while emphasizing the need for targeted investments and strategies to address existing regional disparities. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.03879 |
| By: | Laura Chioda; Paul Gertler; Sean Higgins; Paolina C. Medina |
| Abstract: | Despite the promise of FinTech lending to expand access to credit to populations without a formal credit history, FinTech lenders primarily lend to applicants with a formal credit history and rely on conventional credit bureau scores as an input to their algorithms. Using data from a large FinTech lender in Mexico, we show that alternative data from digital transactions through a delivery app are effective at predicting creditworthiness for borrowers with no credit history. We also show that segmenting our machine learning model by gender can improve credit allocation fairness without a substantive effect on the model’s predictive performance. |
| JEL: | G23 G5 O16 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33208 |
| By: | Arman Abgaryan; Utkarsh Sharma |
| Abstract: | IntraLayer presents an innovative framework that enables comprehensive interconnectivity in digital finance. The proposed framework comprises a core underlying infrastructure and an overarching strategy to create a pioneering "platform of platforms", serving as an algorithmic fiduciary. By design, this infrastructure optimises transactional efficiency for a broad spectrum of agents, thereby facilitating the sustainable creation of intrinsic economic value. Complementing the infrastructure, our forthcoming work will present an overarching adaptive fiscal policy to optimise IntraLayer's resources, striking a balance between sustaining the network and enhancing the proposal herein. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.07348 |
| By: | Manju Puri; Yiming Qian; Xiang Zheng |
| Abstract: | We hypothesize and find evidence that banks use venture investments in fintech startups as a strategic approach to navigate fintech competition. We show that banks’ venture investments have increasingly focused on fintech firms in systematic ways. We find that banks facing greater fintech competition are more likely to make venture investments in fintech startups. Banks target fintech firms that exhibit higher levels of asset complementarities with their own business. Finally, instrumental variable analyses show that venture investments increase the likelihood of operational collaborations and knowledge transfer between the bank investor and the fintech investee. |
| JEL: | G21 G24 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33297 |
| By: | Dean Karlan; Monica P. Lambon-Quayefio; Utsav Manjeer; Christopher R. Udry |
| Abstract: | Digital finance in agriculture is a nascent technology which could help improve rural financial inclusion. In an experimental evaluation of a digital lending product for farmers in Southern Ghana, credit increases farm investments but has few statistically significant average effects on downstream outcomes. However, logistical challenges generated imperfect compliance with the treatment assignment, with some loans delivered in a timely fashion for agricultural investments and others coming later. We cautiously exploit this unplanned non-experimental implementation heterogeneity and conclude that agriculturally-focused digital credit platforms have potential to tackle persistent rural financial market imperfections, but the timing seems critical and deserves further study. |
| JEL: | Q14 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33271 |
| By: | Chase Englund; Zach Modig |
| Abstract: | This paper uses data on bank connections with service providers to construct a representation of an operational network used to facilitate the sending of Fedwire transactions. Our data contains 227 connections between 215 banks (mostly community banks, but also some large banks) and four unique payment products used by the firms to send and receive Fedwire transactions. By constructing such an operational network between banks and payment providers, we can perform multiple analyses that are useful in operational resilience considerations. First, we use the mean daily Fedwire volume for each bank to create a dollar estimate of the "operational risk exposure" associated with each service platform based on its bank clients. Second, we examine how these bank payment risk exposure estimates compare with other, publicly available benchmarks, since payment data are usually confidential. Last, we use the network model to conduct analysis on network concentration, which provides an example of how such networks could be used in analyzing the likely impact of operational outages. Our results indicate that data on service provider connections such as that we analyze can provide important insights into the extent to which payment network resilience mitigates risk to the financial sector. Our results also indicate that several publicly available benchmarks can serve as substitutes (with certain caveats) for payments data in estimating payment risk exposure. |
| Date: | 2025–01–03 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgfn:2025-01-03 |
| By: | Débora Allam-Firley (CREDDI - Centre de Recherche en Economie et en Droit du Développement Insulaire [UR7_2] - UA - Université des Antilles); Elsa Corbin (MEMIAD - Management, économie, modélisation, informatique et aide à la décision [UR7_3] - UA - Université des Antilles) |
| Abstract: | The use of new technologies and ubiquitous digitalization have resulted in major changes in customer expectations. The 2019 coronavirus disease crisis has accelerated the need for digital transformation in many industries, including insurance. Insurance organizations recognizing the dynamic changes that are transforming the insurance sector are taking action to gain new competitive advantage by introducing blockchain technology. This technology helps companies to be more customer oriented, improve their offerings, and increase their operational efficiency by enhancing their traditional value chains. The literature on blockchain technology use in the insurance industry has focused on technological aspects, and little is known about the factors underlying the adoption of this technology, which is critical for success. This paper introduces a theoretical model based on the universal theory of acceptance and use of technology for the identification of aspects that can facilitate or hinder blockchain technology adoption in the insurance industry, with the ultimate aim of promoting the successful diffusion of this technology in this sector. This paper contributes to the understanding of insurance employees' perspectives onblockchain technology adoption in their daily work. It identifies aspects of user behaviour that practitioners should consider while developing strategies for blockchain technology implementation in their business processes. The proposed model is conceptual and has not been empirically tested; such research is needed. |
| Keywords: | Blockchain Technology, Insurance Industry |
| Date: | 2023–06–14 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04734348 |
| By: | KARIM DARBAN (ENCG - Ecole Nationale de Commerce et de Gestion - UH2MC - Université Hassan II de Casablanca = University of Hassan II Casablanca = جامعة الحسن الثاني (ar)) |
| Abstract: | Accelerated course on social media marketing (SMM), designed to turn content into audience engagement and conversions. Structured in four chapters, it starts with the fundamentals of SMM and creating engaging content tailored to specific platforms (Facebook, Instagram, LinkedIn, TikTok). The course then explores storytelling, optimizing reach (organic, sponsored, and collaborative), and measuring KPIs (key performance indicators) to analyze campaign impact. Finally, it addresses conversion strategies through advanced techniques, including retargeting and optimized CTAs (calls-to-action), with guidance on maximizing the results of each campaign. |
| Abstract: | un cours accéléré sur le marketing des réseaux sociaux, conçu pour transformer le contenu en engagement et conversion auprès de l'audience. Structuré en quatre chapitres, il commence par les bases du SMM (Social Media Marketing) et la création de contenu engageant pour des plateformes spécifiques (Facebook, Instagram, LinkedIn, TikTok). Le cours explore ensuite le storytelling, l'optimisation de la portée (organique, sponsorisée et collaborative), et la mesure des KPI (indicateurs de performance) pour analyser l'impact des campagnes. Enfin, il aborde les stratégies de conversion via des techniques avancées, telles que le retargeting et les CTA (appels à l'action) optimisés, avec des conseils pour maximiser les résultats de chaque campagne. |
| Keywords: | tiktok, instagram, linkedin, social media marketing, smm, smo, Social media, marketing, Facebook |
| Date: | 2024–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04776669 |
| By: | Kasper Johansson; Stephen Boyd |
| Abstract: | We consider the problem of constructing a portfolio that combines traditional financial assets with crypto assets. We show that despite the documented attributes of crypto assets, such as high volatility, heavy tails, excess kurtosis, and skewness, a simple extension of traditional risk allocation provides robust solutions for integrating these emerging assets into broader investment strategies. Examination of the risk allocation holdings suggests an even simpler method, analogous to the traditional 60/40 stocks/bonds allocation, involving a fixed allocation to crypto and traditional assets, dynamically diluted with cash to achieve a target risk level. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.02654 |
| By: | Kim, Min Jung |
| Abstract: | Self-preferencing by online platforms encompasses a spectrum of conduct types, all with implications for both anti-competitive and pro-competitive effects. Therefore, it is desirable to maintain the current ex-post regulatory framework, which applies the rule of reason and intervenes only when such practices are deemed to be unjust or harmful to fair competition, rather than imposing a blanket ban. However, the timeliness and efficiency of enforcement mechanisms should be improved in light of the distinct characteristics of the online environments and self-preferencing conducts. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:kdifoc:308156 |
| By: | Divya Sharma |
| Abstract: | The paper presents findings from a comprehensive study examining the saving and credit behaviors of low-income households residing in unauthorized colonies within a metropolitan area. Utilizing a dual approach, the study engaged in prolonged fieldwork, including repeated fortnightly interviews with selected households and a one-time primary survey with a larger sample size. The research meticulously analyzed the financial lives of these households, focusing on their saving and credit behaviors and assessing the accessibility and intensity of usage of financial instruments available to them. Through suitable regression models, the study identified key factors influencing the usage of financial instruments among low-income households. Transaction costs, convenience, and financial knowledge emerged as significant determinants impacting both usage decisions and the intensity of usage. The research underscores the importance of addressing demand side factors to ensure widespread financial services usage among low-income groups. Efforts to reduce time costs, enhance product accessibility and liquidity, and augment financial literacy are essential for fostering financial inclusion in unauthorized colonies. The findings highlight the imperative of moving beyond mere financial access towards promoting universal usage to realize the full benefits of financial inclusion. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.03033 |
| By: | Wendy Currie (Audencia Business School); Vishanth Weerakkody (University of Bradford); Ben van Vliet (Stuart School of Business - IIT - Illinois Institute of Technology) |
| Abstract: | This special issue aimed to attract articles situating digital transformation in the geopolitical-organizational nexus. Unlike innovation and change panaceas (or fads) like business process reengineering (BPR) which became popular in the 1990s, digital transformation is a multi-level concept. Extending beyond the redesign of organizational and business processes, the analytical boundaries of digital transformation include ecosystems, organizational networks, business and operational processes, organizational identities, governance structures, and quality/cost dynamics. However, the extant literature on digital transformation continues to use the organization as the primary unit of analysis. Definitions of digital transformation vary widely, with some not dissimilar to the BPR era. The papers included in this special issue provide analytical and empirical examples on the pervasive effects from contemporary digital technology for society, organizations, and citizens. Future work which isolates the digital technology artefact would benefit from further refinement of the digital transformation concept. A starting point is to revisit the digital technology evolution over past decades which reveal the inflection points of technological change, specifically for mainframes, PCs, and the Internet. Such analysis will increase our understanding and contextualization of past panaceas like BPR for generating new insights on how digital technologies are front and center in debates on digital transformation. |
| Abstract: | This special issue aimed to attract articles situating digital transformation in the geopolitical-organizational nexus. Unlike innovation and change panaceas (or fads) like business process reengineering (BPR) which became popular in the 1990s, digital transformation is a multi-level concept. Extending beyond the redesign of organizational and business processes, the analytical boundaries of digital transformation include ecosystems, organizational networks, business and operational processes, organizational identities, governance structures, and quality/cost dynamics. However, the extant literature on digital transformation continues to use the organization as the primary unit of analysis. Definitions of digital transformation vary widely, with some not dissimilar to the BPR era. The papers included in this special issue provide analytical and empirical examples on the pervasive effects from contemporary digital technology for society, organizations, and citizens. Future work which isolates the digital technology artefact would benefit from further refinement of the digital transformation concept. A starting point is to revisit the digital technology evolution over past decades which reveal the inflection points of technological change, specifically for mainframes, PCs, and the Internet. Such analysis will increase our understanding and contextualization of past panaceas like BPR for generating new insights on how digital technologies are front and center in debates on digital transformation. |
| Keywords: | digital transformation, digitalization, IT artefact, computing eras, geopolitical-organizational nexus, management fads |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04770553 |
| By: | Rik Ghosh (Chainrisk); Arka Datta (Chainrisk); Vidhi Aggarwal (Chainrisk); Sudipan Sinha (Chainrisk); Abhimanyu Nag (Chainrisk) |
| Abstract: | Decentralized Finance (DeFi) and smart contracts are the next generation and fast-growing market for quick and safe interaction between lenders and borrowers. However for maintaining a streamline ecosystem it is necessary to understand the risk associated with the particular user under consideration. In this paper we have developed 'On Chain Credit Risk Score' of a wallet is an answer to quantifying the risk of the particular wallet, namely the probability that the particular wallet may have a loan liquidated. 'On Chain Credit Risk Score (OCCR Score)' of wallets, will help lending borrowing protocols and other DeFi institutes to understand the risk involved in giving out loans to a wallet and may change the Loan-to-Value (LTV) Ratio and subsequently the Liquidation Threshold (LT) if required. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.00710 |
| By: | Graham L. Giller |
| Abstract: | A simple model-free and distribution-free statistic, the functional relationship between the number of "effective" degrees of freedom and portfolio size, or N*(N), is used to discriminate between two alternative models for the correlation of daily cryptocurrency returns within a retail universe of defined by the list of tradable assets available to account holders at the Robinhood brokerage. The average pairwise correlation between daily cryptocurrency returns is found to be high (of order 60%) and the data collected supports description of the cross-section of returns by a simple isotropic correlation model distinct from a decomposition into a linear factor model with additive noise with high confidence. This description appears to be relatively stable through time. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.04263 |
| By: | Tobias Berg; Valentin Burg; Jan Keil; Manju Puri |
| Abstract: | “Buy Now, Pay Later” (BNPL) is a key innovation in consumer payments. It bundles the sale of a product with a subsidized loan, effectively offering lower prices to low-creditworthiness customers. BNPL thereby allows merchants to price-discriminate among customers with different willingness-to-pay. Consistent with a price-discrimination mechanism, we show that BNPL increases sales by 20%, driven by low-creditworthiness customers and products where market power is larger. We find that the benefits of offering BNPL significantly outweigh the costs for the merchant. Our findings help to explain the surge in popularity of BNPL in e-commerce around the world. |
| JEL: | D12 G40 G59 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33152 |
| By: | Hwang, Sunjoo |
| Abstract: | Emerging financial products driven by innovation, such as virtual assets and simplified payment services, introduce both new conveniences and in-transaction risks to customer funds. Despite regulations on segregating customer funds already in place, full compliance by businesses with these rules is unlikely, especially with insolvency on their horizon. This paper proposes a new protection framework that bolsters the safety of new financial products and reduces funding pressures for the compensation scheme. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:kdifoc:308157 |
| By: | Aman Saggu; Lennart Ante; Kaja Kopiec |
| Abstract: | This study employs an event study methodology to investigate the market impact of the U.S. Securities and Exchange Commission's (SEC) classification of crypto assets as securities. It explores how SEC interventions influence asset returns and trading volumes, focusing on explicitly named crypto assets. The empirical analysis highlights significant adverse market reactions, notably returns plummeting 12% over one week post-announcement, persisting for a month. We demonstrate that the severity of market reaction depends on sentiment and asset characteristics such as market size, age, volatility, and illiquidity. Further, we identify significant ex-ante trading volume effects indicative of pre-announcement informed trading. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.02452 |
| By: | Marcos Cardozo; Yaroslav Rosokha; Cathy Zhang |
| Abstract: | We integrate theory and experimental evidence to study the emergence of different international monetary arrangements based on the circulation of two intrinsically worthless fiat currencies as media of exchange. Our framework is based on a two-country, two-currency search model where the value of each currency is jointly determined by private agents’ decisions and monetary policy formalized as changes in a country’s money growth rate. Results from the experiments indicate subjects coordinate on a regime where both currencies are accepted even when other regimes are theoretically possible. At the same time, we find the acceptance of foreign currency depends on relative inflation rates where sellers tend to reject payment with a more inflationary foreign currency. We also document the presence of learning in shaping acceptance patterns over time. |
| Keywords: | international currency, monetary policy, inflation, experimental macroeconomics |
| JEL: | C92 D83 E40 |
| Date: | 2024–02 |
| URL: | https://d.repec.org/n?u=RePEc:pur:prukra:1351 |
| By: | Sahar Yarmohammadtoosky Dinesh Chowdary Attota |
| Abstract: | As several studies have shown, predicting credit risk is still a major concern for the financial services industry and is receiving a lot of scholarly interest. This area of study is crucial because it aids financial organizations in determining the probability that borrowers would default, which has a direct bearing on lending choices and risk management tactics. Despite the progress made in this domain, there is still a substantial knowledge gap concerning consumer actions that take place prior to the filing of credit card applications. The objective of this study is to predict customer responses to mail campaigns and assess the likelihood of default among those who engage. This research employs advanced machine learning techniques, specifically logistic regression and XGBoost, to analyze consumer behavior and predict responses to direct mail campaigns. By integrating different data preprocessing strategies, including imputation and binning, we enhance the robustness and accuracy of our predictive models. The results indicate that XGBoost consistently outperforms logistic regression across various metrics, particularly in scenarios using categorical binning and custom imputation. These findings suggest that XGBoost is particularly effective in handling complex data structures and provides a strong predictive capability in assessing credit risk. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.16333 |
| By: | Kris James Mitchener; Kirsten Wandschneider |
| Abstract: | The Great Depression is the canonical case of a widespread currency war, with more than 70 countries devaluing their currencies relative to gold between 1929 and 1936. What were the currency war’s effects on trade flows? We use newly-compiled, highfrequency bilateral trade data and gravity models that account for when and whether trade partners had devalued to identify the effects of the currency war on global trade. Our empirical estimates show that a country’s trade was reduced by more than 21% following devaluation. This negative and statistically significant decline in trade suggests that the currency war destroyed the trade-enhancing benefits of the global monetary standard, ending regime coordination and increasing trade costs. |
| Keywords: | currency war, monetary regimes, gold standard, competitive devaluations, “beggar thy neighbour”, gravity model |
| JEL: | F14 F33 F42 N10 N70 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11589 |
| By: | Pierre Delandre (Etopia); Philippe Derruder (L'homme en devenir); Fabien Fert (Chercheur indépendant); Ariane Tichit (CERDI - Centre d'Études et de Recherches sur le Développement International - IRD - Institut de Recherche pour le Développement - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne) |
| Abstract: | Defining a Monetary Topology : A framework for evaluating and comparing diverse monetary systems In a world facing complex social and environmental challenges, innovative approaches to monetary systems are essential. Our group, motivated by a concern for both society and ecology, developed the concept of "monetary topology" to evaluate and compare various monetary systems. This framework focuses on six key themes: legislator, institution, emission rules, conditionality of uses, coinage rules, and the system's operating properties, along with its societal and ecological consequences. Each theme contains objective evaluation characteristics, offering a detailed analysis of any monetary proposal. Monetary topology provides a holistic approach, evaluating the entire structure and impact of a monetary system. It allows for systematic comparison, identifying strengths, weaknesses, and areas of applicability across different systems. This approach helps policymakers, economists, and community leaders make informed decisions that align with societal and ecological goals. The tool we designed is structured around these six domains, with each characteristic assessed from monetary, social, and ecological perspectives. This multidimensional framework delivers a comprehensive assessment of each system, providing a functional method for describing and comparing monetary systems, answering critical questions such as who controls the system, how it operates, and its purpose. Aligned with the principles of RAMICS, our group aims to explore innovative monetary solutions that address pressing societal and environmental issues. Monetary topology is a powerful tool in this endeavor, providing a structured framework for evaluating, understanding, and improving monetary systems. In conclusion, monetary topology offers a fresh, comprehensive way to assess monetary systems, enabling us to transcend traditional boundaries and design systems that better serve both communities and the planet. |
| Keywords: | Monetary system topology, Monetary system analysis, Classification of monetary system |
| Date: | 2024–11–06 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04773860 |
| By: | Haohang Li; Yupeng Cao; Yangyang Yu; Shashidhar Reddy Javaji; Zhiyang Deng; Yueru He; Yuechen Jiang; Zining Zhu; Koduvayur Subbalakshmi; Guojun Xiong; Jimin Huang; Lingfei Qian; Xueqing Peng; Qianqian Xie; Jordan W. Suchow |
| Abstract: | Recent advancements have underscored the potential of large language model (LLM)-based agents in financial decision-making. Despite this progress, the field currently encounters two main challenges: (1) the lack of a comprehensive LLM agent framework adaptable to a variety of financial tasks, and (2) the absence of standardized benchmarks and consistent datasets for assessing agent performance. To tackle these issues, we introduce \textsc{InvestorBench}, the first benchmark specifically designed for evaluating LLM-based agents in diverse financial decision-making contexts. InvestorBench enhances the versatility of LLM-enabled agents by providing a comprehensive suite of tasks applicable to different financial products, including single equities like stocks, cryptocurrencies and exchange-traded funds (ETFs). Additionally, we assess the reasoning and decision-making capabilities of our agent framework using thirteen different LLMs as backbone models, across various market environments and tasks. Furthermore, we have curated a diverse collection of open-source, multi-modal datasets and developed a comprehensive suite of environments for financial decision-making. This establishes a highly accessible platform for evaluating financial agents' performance across various scenarios. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.18174 |
| By: | Raffaele Filieri (Audencia Business School); Elisabetta Raguseo (Polito - Politecnico di Torino = Polytechnic of Turin); Francesco Galati (Eurecom [Sophia Antipolis]) |
| Abstract: | Scholars investigated the factors enhancing Airbnb hosts' performance; however, less research focused on negative signals, such as host cancellation messages. Cancellations are a negative signal that conspicuously reveals the number of times a host has canceled a pre-existing reservation. Drawing upon signaling theory and product involvement, we argue that cancellation signals have a negative impact on host occupancy, but this impact is moderated by the level of involvement associated with the accommodation type (i.e., private room, shared room, entire apartment). The study used a dataset of 31, 778 reviews of 6384 Airbnb listings. The results show that accommodation type moderates the relationship, that is, the impact of cancellations is stronger for higher involvement accommodations (entire apartment) versus low involvement ones (shared rooms). This study advances the literature on negative signals and helps P2P managers understand the impact of cancellations on their revenues. |
| Keywords: | Airbnb host, Signaling theory, Negative signal, Cancellation rate, Accommodation type, Occupancy rate |
| Date: | 2023–07 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04779130 |
| By: | Florence Gourlay (GEOARCHI - Institut de Géoarchitecture - UBS - Université de Bretagne Sud - UBO - Université de Brest - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société - UBO - Université de Brest); Claire Mahéo (PREFICS EA 7469 - Pôle de Recherche Francophonies, Interculturel, Communication, Sociolinguistique - UBS - Université de Bretagne Sud - UR2 - Université de Rennes 2); Clément Marinos (LEGO - Laboratoire d'Economie et de Gestion de l'Ouest - UBS - Université de Bretagne Sud - UBO - Université de Brest - IMT - Institut Mines-Télécom [Paris] - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société - UBO - Université de Brest - UBL - Université Bretagne Loire - IMT Atlantique - IMT Atlantique - IMT - Institut Mines-Télécom [Paris], MARSOUIN - Môle Armoricain de Recherche sur la SOciété de l'information et des usages d'INternet - UR - Université de Rennes - UBS - Université de Bretagne Sud - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - UBO - Université de Brest - IMT - Institut Mines-Télécom [Paris] - UR2 - Université de Rennes 2 - UBL - Université Bretagne Loire - IMT Atlantique - IMT Atlantique - IMT - Institut Mines-Télécom [Paris]) |
| Abstract: | This special issue focuses on the multidimensionality of the digital nomadism (DN) phenomenon, both through the analysis of its manifestations and with a theoretical framework and interdisciplinary methodology. The early 21st century has witnessed the emergence of a new population of hypermobile workers commonly referred to as digital nomads (DN). The literature defines them as individuals who carry out their professional activities using new information and communication technologies while adopting a lifestyle based on frequent migrations (Makimoto and Manners, 1997). Digital nomads are thus characterized as individuals who escape the traditional framework of work by leveraging constantly evolving digital technologies in a globalized context. As world citizens, they constantly visit or even create new places, engage in leisure activities such as surfing or skiing, and seek to explore foreign countries and cultures (Reichenberger, 2018). At the same time, they reinvent new ways of engaging with work in a digital environment. They are primarily part of the millennial generation (https://nomadlist.com/digital-nomad-sta tistics#age). |
| Abstract: | Ce numéro spécial s'intéresse à la multidimensionnalité du phénomène du nomadisme numérique (NN), tant par l'analyse du phénomène que par un cadrage théorique et une méthodologie interdisciplinaire. Le début du XXIe siècle voit émerger une nouvelle population de travailleurs hypermobiles communément appelée digital nomads (DN) ou nomades numériques. La littérature les qualifie d'individus qui exercent leur activité professionnelle à l'aide des nouvelles technologies de l'information et de la communication tout en adoptant un mode de vie basé sur des migrations fréquentes (Makimoto et Manners, 1997). Les nomades numériques se définissent ainsi comme des individus qui échappent au cadre traditionnel du travail grâce à l'utilisation des technologies numériques en constant développement dans un contexte mondialisé : citoyens du monde, ils visitent voire inventent sans cesse de nouveaux lieux, pratiquent des loisirs comme le surf ou le ski, et sont en quête de découverte des pays et des cultures étrangères (Reichenberger, 2018). Pour autant, ils réinventent de nouveaux rapports au travail en contexte numérique. Ils appartiennent principalement à la génération des millennials (https://nomadlist.com/digital-nomad-sta tistics#age). |
| Keywords: | Digital nomadism, tourism, work, leisure |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04780793 |
| By: | Imad Assarraj (Université Mohammed Premier [Oujda] = Université Mohammed Ier); Mohamed Al Maache (Université Mohamed 1 Oujda MAROC) |
| Abstract: | This study examines the impact of digital transformation on Corporate Social Responsibility (CSR) among companies listed on the Casablanca Stock Exchange. Digital transformation, characterized by adopting technologies such as Artificial Intelligence, Big Data Analytics, and the Internet of Things, is increasingly recognized as a critical driver of CSR performance. This research uses a sample of 45 companies, analyzing their CSR efforts through ESG (Environmental, Social, and Governance) ratings obtained from Refinitiv and their digital transformation efforts measured by keyword frequency analysis from their 2023 annual reports. The findings reveal a positive relationship between digital transformation and CSR, particularly in governance and social responsibility dimensions. Regression analysis confirms that companies with higher levels of digital transformation tend to achieve better ESG scores, suggesting that digital transformation is a technological upgrade and a strategic imperative for enhancing CSR. The study highlights the variation in impact across different sectors, with heavily regulated industries such as banking and finance showing stronger correlations. The implications for businesses are clear: investing in digital transformation can significantly improve sustainability practices and stakeholder engagement. Future research should explore specific digital strategies that enhance CSR and investigate potential non-linear relationships in greater depth. |
| Keywords: | Digital Transformation Corporate Social Responsibility ESG Casablanca Stock Exchange JEL Classification: M14 M15 Paper type: Empirical research, Digital Transformation, Corporate Social Responsibility, ESG, Casablanca Stock Exchange JEL Classification: M14 |
| Date: | 2024–11–03 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04771367 |
| By: | Akdag, Merve Turan; Wahl, Nihal; Saha, Ria |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:dar:wpaper:151913 |
| By: | Tian , Shu (Asian Development Bank); Wu , Yu (Nanjing Agricultural University); Zhou, Wenwen (Southwestern University of Finance and Economics) |
| Abstract: | By capturing the adoption of digital services and applications as well as digital industry development, this paper constructs a comprehensive index to measure digitalization at the city level in the People’s Republic of China (PRC) and investigates the impact of digitalization on income inequality using household-level data in the PRC. The findings reveal that a one-unit advancement in the digitalization index significantly reduces the income gap by 1.83% for an average household. This mitigating effect remains statistically and economically significant after addressing endogeneity and robustness concerns. The impact is more pronounced in less-developed areas and among households with lower education levels. Further analysis shows that digitalization narrows the income gap by increasing earnings more for lower-income households, primarily through enhanced employment and investment opportunities. Additionally, digitalization boosts business income for entrepreneurial households. These findings provide valuable policy insights, suggesting that developing economies can reduce income inequality by promoting digitalization, supporting digital-related job creation, and enhancing financial literacy. |
| Keywords: | digitalization; inclusiveness; income inequality |
| JEL: | D30 O10 O30 |
| Date: | 2025–01–20 |
| URL: | https://d.repec.org/n?u=RePEc:ris:adbewp:0764 |
| By: | Zhuohuan Hu; Richard Yu; Zizhou Zhang; Haoran Zheng; Qianying Liu; Yining Zhou |
| Abstract: | This paper leverages machine learning algorithms to forecast and analyze financial time series. The process begins with a denoising autoencoder to filter out random noise fluctuations from the main contract price data. Then, one-dimensional convolution reduces the dimensionality of the filtered data and extracts key information. The filtered and dimensionality-reduced price data is fed into a GANs network, and its output serve as input of a fully connected network. Through cross-validation, a model is trained to capture features that precede large price fluctuations. The model predicts the likelihood and direction of significant price changes in real-time price sequences, placing trades at moments of high prediction accuracy. Empirical results demonstrate that using autoencoders and convolution to filter and denoise financial data, combined with GANs, achieves a certain level of predictive performance, validating the capabilities of machine learning algorithms to discover underlying patterns in financial sequences. Keywords - CNN;GANs; Cryptocurrency; Prediction. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.18202 |
| By: | Latifa Ayoubi (Université Hassan II, Faculté des lettres et sciences humaines, Casablanca, Maroc) |
| Abstract: | Abstract : This article aims to improve the understanding of building customer relationship and examine the role of brand identification. From this perspective, the research studied the effect of the main customer relationships variables, satisfaction, trust, attachment, and brand identification on brand loyalty and its consequences. Thus, after a qualitative exploratory phase, an empirical study was carried out with a sample of bank customers (153 in the exploratory phase and 284 in the confirmatory phase), via an access panel. A structural equation analysis was then conducted. This study demonstrated that each of the variables has a positive effect on brand loyalty. However, the weight of brand identification is higher than that of the other variables. In addition, these variables positively affect brand loyalty, customer share-of-wallet, word-of-mouth, and loyalty intention. On the other hand, they do not affect resistance to counter-persuasion. Keywords: Brand loyalty, Brand identification, Attitudinal consequences. JEL Classification: M31 Paper type: Empirical Research Résumé Cet article vise à améliorer la compréhension de la construction de la relation client et à examiner le rôle de l'identification à la marque. Dans cette perspective, la recherche a étudié l'effet des principales variables de la relation client, à savoir la satisfaction, la confiance, l'attachement et l'identification à la marque sur la fidélité à la marque et ses conséquences. Ainsi, après une phase exploratoire qualitative, une étude empirique a été réalisée auprès d'un échantillon de clients bancaires (153 en phase exploratoire et 284 en phase confirmatoire), via un access panel. Une analyse par équation structurelle a ensuite été menée. Cette étude a démontré que chacune des variables a un effet positif sur la fidélité à la marque. Cependant, le poids de l'identification à la marque est supérieur à celui des autres variables. De plus, ces variables ont des effets positifs sur la fidélité à la marque, la part de portefeuille client, le bouche-à-oreille et l'intention de fidélité. En revanche, elles n'ont aucun effet sur la résistance à la contre-persuasion. Mots clés : Fidélité à la marque, Identification à la marque, Conséquences attitudinales. Classification JEL : M31 Type du papier : Recherche empirique |
| Abstract: | Résumé : Cet article vise à améliorer la compréhension de la construction de la relation client et à examiner le rôle de l'identification à la marque. Dans cette perspective, la recherche a étudié l'effet des principales variables de la relation client, à savoir la satisfaction, la confiance, l'attachement et l'identification à la marque sur la fidélité à la marque et ses conséquences. Ainsi, après une phase exploratoire qualitative, une étude empirique a été réalisée auprès d'un échantillon de clients bancaires (153 en phase exploratoire et 284 en phase confirmatoire), via un access panel. Une analyse par équation structurelle a ensuite été menée. Cette étude a démontré que chacune des variables a un effet positif sur la fidélité à la marque. Cependant, le poids de l'identification à la marque est supérieur à celui des autres variables. De plus, ces variables ont des effets positifs sur la fidélité à la marque, la part de portefeuille client, le bouche-à-oreille et l'intention de fidélité. En revanche, elles n'ont aucun effet sur la résistance à la contre-persuasion. |
| Keywords: | Attitudinal consequences, Brand loyalty, Brand identification |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04787056 |
| By: | Mohan Jiang; Yaxin Liang; Siyuan Han; Kunyuan Ma; Yuan Chen; Zhen Xu |
| Abstract: | This study explores the application of generative adversarial networks in financial market supervision, especially for solving the problem of data imbalance to improve the accuracy of risk prediction. Since financial market data are often imbalanced, especially high-risk events such as market manipulation and systemic risk occur less frequently, traditional models have difficulty effectively identifying these minority events. This study proposes to generate synthetic data with similar characteristics to these minority events through GAN to balance the dataset, thereby improving the prediction performance of the model in financial supervision. Experimental results show that compared with traditional oversampling and undersampling methods, the data generated by GAN has significant advantages in dealing with imbalance problems and improving the prediction accuracy of the model. This method has broad application potential in financial regulatory agencies such as the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.15222 |
| By: | Jeanne Ludovic (Métis Lab EM Normandie - EM Normandie - École de Management de Normandie) |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04794323 |
| By: | Henry A. Thompson |
| Abstract: | I argue that generative AI will have an uneven effect on the evolution of the law. To do so, I consider generative AI as a labor-augmenting technology that reduces the cost of both writing more complete contracts and litigating in court. The contracting effect reduces the demand for court services by making contracts more complete. The litigation effect, by contrast, increases the demand for court services by a) making contracts less complete and b) reducing litigants' incentive to settle, all else equal. Where contracts are common, as in property and contract law, the change in the quantity of litigation is uncertain due to offsetting contracting and litigation effects. However, in areas where contracts are rare, as in tort law, the amount of litigation is likely to rise. Following Rubin (1977) and Priest (1977) generative AI will accelerate the evolution of tort law toward efficiency. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.05090 |
| By: | M. Keith Chen; Katherine Feinerman; Kareem Haggag |
| Abstract: | Modern tech platforms provide workers real-time control over when they work, and increasingly, flexible pay: the option to be paid immediately after work. We investigate the labor supply effects of pay flexibility and the implications of present-biased preferences among gig-economy workers. Using granular data from a nationwide randomized controlled trial at Uber, we estimate the effects of switching from a fixed weekly pay schedule to Instant Pay, a system that allows on-demand, within-day withdrawals. We find that flexible pay substantially increased drivers’ work time. Furthermore, consistent with present bias, the response is significantly higher when drivers are further away from the end of their counterfactual weekly pay cycle. We discuss welfare and broader implications in contexts in which workers have the ability to flexibly supply labor. |
| JEL: | J0 J20 J3 R4 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33177 |
| By: | Mengming Michael Dong; Theophanis C. Stratopoulos; Victor Xiaoqi Wang |
| Abstract: | This paper provides a review of recent publications and working papers on ChatGPT and related Large Language Models (LLMs) in accounting and finance. The aim is to understand the current state of research in these two areas and identify potential research opportunities for future inquiry. We identify three common themes from these earlier studies. The first theme focuses on applications of ChatGPT and LLMs in various fields of accounting and finance. The second theme utilizes ChatGPT and LLMs as a new research tool by leveraging their capabilities such as classification, summarization, and text generation. The third theme investigates implications of LLM adoption for accounting and finance professionals, as well as for various organizations and sectors. While these earlier studies provide valuable insights, they leave many important questions unanswered or partially addressed. We propose venues for further exploration and provide technical guidance for researchers seeking to employ ChatGPT and related LLMs as a tool for their research. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.05731 |
| By: | Simon Alexander Wiese; Johannes Lehmann; Michael Beckmann |
| Abstract: | Using novel establishment-level observational data from Switzerland, we empirically examine whether the usage of key technologies of Industry 4.0 distinguishes across firms with different types of organizational culture. Based on the Technology-Organization-Environment and the Competing Values framework, we hypothesize that the developmental culture has the greatest potential to promote the usage of Industry 4.0 technologies. We also hypothesize that companies with a hierarchical or rational culture are especially likely to make use of automation technologies, such as AI and robotics. By means of descriptive statistics and multiple regression analysis, we find empirical support for our first hypothesis, while we cannot con-firm our second hypothesis. Our empirical results provide important implications for managerial decision-makers. Specifically, the link between organizational culture and the implementation of Industry 4.0 technologies is relevant for managers, as this knowledge helps them to cope with digital transformation in turbulent times and keep their businesses competitive. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.12752 |
| By: | Alexei Parakhonyak; Andrew Rhodes |
| Abstract: | We consider a model in which consumers wish to buy a product repeatedly over time, but need to engage in costly search to learn prices and find a product that matches them well. The optimal search rule has two reservation values, one for newly-searched products, and another for products that were searched in the past. Depending on the search cost, firms either keep price steady over time, or gradually raise price to take advantage of a growing pool of high-valuation repeat customers. The model generates rich search and purchase dynamics, as consumers may optimally “stagger” search over time, initially trying different products, settling on one and buying it for a while, before choosing to search again for something better. We also show that consumers may be better off when firms can offer personalized prices based on their search history. |
| Date: | 2024–12–20 |
| URL: | https://d.repec.org/n?u=RePEc:oxf:wpaper:1066 |
| By: | Didier Danet (GEODE - Chercheur associé GEODE (Université Paris 8)) |
| Abstract: | Les supply chains sont des cibles particulièrement vulnérables aux cyberattaques. Ces attaques peuvent en particulier détruire la confiance qui constitue un actif immatériel central pour l'efficacité économique des supply chains. La question se pose alors de savoir comment assurer une protection efficace des supply chains contre les cyberattaques susceptibles de détruire le moteur de leur efficacité. Deux logiques sont envisagée. Une logique rétributive qui associe obligations et sanctions, solution généralement retenue mais qui a l'inconvénient majeur d'entraver la lutte contre une intrusion lorsque celle-ci s'est produite. Une logique exploratoire qui cherche à promouvoir une coopération pleine et entière de la victime en lui garantissant qu'elle ne subira pas de sanctions sous certaines conditions. |
| Date: | 2024–11–18 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04799144 |