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on Payment Systems and Financial Technology |
| By: | Kesler, Reinhold; Skiera, Bernd; Kraft, Lennart; Koschella, Tim |
| Abstract: | Digital platforms, now ubiquitous intermediaries in the modern economy, claim to uphold governance rules to ensure a level playing field for their participants. However, there is limited research exploring whether digital platforms fulfill this claim. Furthermore, the antecedents and consequences of any non-compliance remain largely unexamined. This paper addresses this research gap by examining non-compliance in the mobile app market. The empirical study compares the disclosed with the actual behavior concerning device ID transfer for advertising purposes of 852 apps available on Apple and Google platforms across 19 countries. The findings reveal that about 40% of the apps do not comply. Compliance is more prevalent among apps catering to Apple (EU) users than Google (non-European) users. Notably, older apps demonstrate greater compliance. However, popularity and reputation do not explain compliance, while app categories and connections to certain supply-side platforms do. Intriguingly, non-compliant apps earn at least 10% more advertising revenue than they would if being compliant, thus gaining a significant economic edge. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:dicedp:315208 |
| By: | Rehse, Dominik; Valet, Sebastian |
| Abstract: | On October 4, 2021, all services provided by Meta Platforms, Inc. (then Facebook, Inc.) became unavailable unexpectedly for all its worldwide users for a period of about six hours. We use detailed high-frequency tracking data from smartphones, tablets and desktop computers of thousands of Meta users from Spain and the United States to study their behavioral responses during the outage. We find (1) the strongest substi- tution occurs within social media and messaging services, (2) evidence of substitution across service categories, (3) substitution patterns that vary across demographic groups, (4) substantially higher substitution rates among multi-homers, (5) substitution rates that increase over the course of the outage, (6) distinct differences in substitution patterns between countries, and (7) increased usage of non-Meta digital services after the outage. To our knowledge, this study presents the first comprehensive revealed-preference analysis of substitution patterns when an entire user population simultaneously seeks alternatives to major digital services. |
| Keywords: | Digital services, Competition, Substitution, Attention markets, Outage |
| JEL: | L40 L82 L86 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:zewdip:314420 |
| By: | Jana Kim Gutt (Paderborn University); Karin Knorr (Paderborn University) |
| Abstract: | In the digital age, where online reviews hold significant influence, organizations face the challenge of maintaining a positive online reputation. Negative reviews, particularly on employer platforms, can have lasting consequences, influencing prospective talent and shaping organizational success. While a growing body of literature investigates organizational response strategies to consumer reviews, only limited research attention has been brought to the responding behavior on employer review platforms. To close this gap, our study examines the factors correlated with an organization’s tendency to respond to employee reviews. We propose that the sense of community that organizations communicate through their identity claims, the consensus on a review, and the reviewers’ job position play crucial roles in shaping these responses. We explore whether these relationships are moderated by the ratings organizations hold on the platform. Grounded in empirical data from 872 job advertisements and 74, 786 ratings and reviews on Kununu, our findings provide valuable insights into how organizations navigate employee reviews. |
| Keywords: | organizational responses, employer review platforms, organizational identity claims, quantita-tive text analysis, job advertisements |
| JEL: | J24 M14 M59 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:pdn:dispap:133 |
| By: | World Bank |
| Keywords: | Finance and Financial Sector Development-Financial Regulation & Supervision Finance and Financial Sector Development-Financial Structures |
| Date: | 2023–09 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wboper:40335 |
| By: | Daniel Pastorek (Department of Department of Finance and Accounting, Faculty of Business and Economics, Mendel University in Brno, Czech Republic); Peter Albrecht (Department of Department of Finance and Accounting, Faculty of Business and Economics, Mendel University in Brno, Czech Republic) |
| Abstract: | Our study examines to what extent the introduction of Bitcoin spot exchange-traded funds (ETFs) affected Bitcoin’s properties, including market dynamics, volatility, returns, return distribution, and tracking errors. Using block bootstrap simulations, OLS regression, EGARCH modeling, and non-parametric tests, we find that Bitcoin ETFs increase volatility and downside risk while leaving average returns unchanged. Return distribution shifts, including reduced skewness and kurtosis, suggest partial normalization, typically linked to greater liquidity and market participation. However, unlike traditional ETFs, Bitcoin ETFs introduce fail-to-deliver (FTD) occurrences—previously absent in Bitcoin markets—which mitigate extreme price movements through delayed settlement. Tracking error analysis confirms that spot ETFs more accurately track Bitcoin’s price than futures-based ETFs. These findings offer critical insights into Bitcoin ETFs’ market effects, particularly regarding stability and investor behavior. |
| Keywords: | Bitcoin, ETFs, volatility, market dynamics, FTDs |
| JEL: | G11 G12 G14 G23 C58 |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:men:wpaper:99_2025 |
| By: | Banchenko, Denis; Burilova, Tatyana; Mutsalkhanova-Yushchenko, Olena; Prokofyeva, Olga; Nekhaev, Igor Nikolaevich; Lev, Shishkin |
| Abstract: | The article describes a new emerging market based on cutting-edge research and its funding mechanism through the use of NFT. |
| Date: | 2023–05–09 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:3k7tn_v1 |
| By: | World Bank |
| Keywords: | Information and Communication Technologies-Digital Divide |
| Date: | 2023–10 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wboper:40472 |
| By: | Itamar Drechsler; Hyeyoon Jung; Weiyu Peng; Dominik Supera; Guanyu Zhou |
| Abstract: | Credit card interest rates, the marginal cost of consumption for nearly half of households, currently average 23 percent, far exceeding the rates on any other major type of loan or bond. Why are these rates so high? To understand this, and the economics of credit card banking more generally, we analyze regulatory account-level data on 330 million monthly accounts, representing 90 percent of the US credit card market. Default rates are relatively high at around 5 percent, but explain only a fraction of cards’ rates. Non-interest expenses and rewards payments are more than offset by interchange and non-interest income. Operating expenses, such as marketing, are very large, and are used to generate pricing power. Deducting them, we find that credit card lending still earns a 6.8 percent return on assets (ROA), more than four times the banking sector’s ROA. Using the cross section of accounts by FICO score, we estimate that credit card rates price in a 5.3 percent default risk premium, which we show is comparable to the one in high-yield bonds. Adjusting for this, we estimate that card lending still earns a 1.17 percent to 1.44 percent “alpha” relative to the overall banking sector. |
| Keywords: | credit cards; banking; asset pricing; household finance |
| JEL: | G12 G21 G51 |
| Date: | 2025–03–01 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fednsr:99669 |
| By: | Millard, Joe |
| Abstract: | Humanity is at a critical juncture. Despite our efforts to set targets and goals, biodiversity and climate are both changing rapidly, pushing us towards a biosphere our species has not known. To solve this problem one view is that we need transformational change of the economic paradigm, but that might be more an ideal than pragmatic. A new idea could be to take inspiration from recent developments in global carbon market theory and spatial finance, and devise a new central bank digital currency (CBDC) for nature, paid to individuals for reductions in anthropogenic pressure. We could then track a conjunction of anthropogenic pressures from space or remotely, combine that with a model predicting biodiversity change, and then link that to our new global currency that would self-regulate those pressures towards bending the curve. In biodiversity modelling alone there is a lot we would need to learn to make this work, but I think one federated currency for nature might be the economic mechanism we need to fully integrate the pathway of detection, attribution, and action into one global biodiversity observing system (GBiOS), and finally slow biodiversity change. |
| Date: | 2023–06–28 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:j7phu_v1 |
| By: | World Bank |
| Keywords: | Information and Communication Technologies-ICT Economics |
| Date: | 2023–10 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wboper:40549 |
| By: | Mandag, Herny Ria |
| Abstract: | The purpose of this study is to find out the comparison of Digital accounting and Quality of accounting Information in E-Commerce companies to trust. the research methodology used by researchers is a qualitative method of description. the data from this study were taken from journaling literacy, other article references, US well US the direct web from the e-commerce company. Of the many e-commerce that exists, the researchers took one of the e-commerce companies from 2 countries, namely Amazone in the US, united States and Tokopedia in Indonesia. each process carried out is related to the quality of the information, which can identify the advantages and drawbacks of each information provided to the two e-commerce companies. From the findings of the researchers revealed that a comparison of e-commerce companies Amazon.com with Tokopedia states that Amazon.com is superior to Tokopedia in terms of business scales, technology and products. |
| Date: | 2023–07–01 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:ky7rh_v1 |
| By: | Maria Delfina Alcaide; James Anderson; Michael Kramer; Hunt LaCascia; Travis Mells; Justin Valentine; Joseph Huntington La Cascia |
| Keywords: | Governance-E-Government Information and Communication Technologies-ICT Applications Information and Communication Technologies-ICT Economics |
| Date: | 2023–08 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wboper:40271 |
| By: | Marc Deschamps (Université Marie et Louis Pasteur, CRESE, UR3190, F-25000 Besançon, France); Julie Le Gallo (CESAER UMR1041, INRAE, Institut Agro Dijon, France); Catherine Refait-Alexandre (Université Marie et Louis Pasteur, CRESE, UR3190, F-25000 Besançon, France) |
| Abstract: | Drawing on data from three specialized crowdfunding platforms and on semi-structured interviews conducted with project leaders located in the French Jura Arc region, we examine the role of this financing mechanism in the transition of the agri-food system. We draw in particular on proximity theory (Torre, 2018) to show that while so-called “social” proximity (ties of family, friendship, or networks) plays a decisive role in the success of crowdfunding campaigns, geographical proximity does not appear to be a determining factor in the decision to resort to crowdfunding or in the success of these campaigns. Our exploratory study also suggests that other forms of proximity (institutional or organizational) may influence the actors’ approaches. Finally, family and friendly support remains central, whereas the effect of any “geographical neighborhood” appears much more limited. |
| Keywords: | crowdfunding, transition, agri-food, proximity theory, social and geographical proximity. |
| JEL: | G29 Q14 Q20 R11 R12 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:crb:wpaper:2025-03-2 |
| By: | Nicola Cetorelli; Gonzalo Cisternas; Asani Sarkar |
| Abstract: | What is the essence of non-bank financial intermediation? How does it emerge and interact with intermediation performed by banks? To investigate these questions, we develop a model-based survey: we classify existing models into different intermediation functions á la Merton (1995) to show that variations of them admit a common modeling structure; then, we extend or reinterpret the resulting models to connect equilibrium strategies to non-bank activities in practice. Particular emphasis is placed on the coexistence of banks and non-banks: how their competition, or the extent of cooperation through contractual arrangements, varies across intermediation functions. Through this approach we speak to a variety of entities such as traditional banks, open-end funds, special purpose vehicles, private credit entities, and fintech lenders. We also discuss innovation, regulation, and market liquidity as drivers of non-bank activities. |
| Keywords: | Non-banks; banks; financial intermediation |
| JEL: | G21 G23 G18 |
| Date: | 2025–03–01 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fednsr:99720 |
| By: | Aldasoro, Iñaki; Barbon, Andrea; Barthélemy, Jean; Benedetti, Marco; Da Silva, Pedro Bento Pereira; Born, Alexandra; Brandi, Marco; Brousse, Claire; Butruille, Béranger; Martinez, José Manuel Carbó; Di Casola, Paola; Ceparano, Vittorio; Cornelli, Giulio; Coste, Charles-Enguerrand; De Sclavis, Francesco; Deflorio, Anita; Delić, Eldin; Della Gatta, Daniela; López, Miguel Díaz; Dubravica, Yvan; Favorito, Marco; Ferrari Minesso, Massimo; Fessler, Pirmin; Galano, Giuseppe; Gambacorta, Leonardo; Garratt, Rodney; Gati, Zakaria; Gehem, Anton; Giammusso, Sara; Habib, Maurizio Michael; Haslhofer, Bernhard; Hodbod, Alexander; Jahanshahloo, Hossein; Kalfa, Mikaël; Kasimati, Agapi; Kerner, Isabel; Kochanska, Urszula; Koutrouli, Eleni; Lambert, Claudia; Manousopoulos, Polychronis; Marchetti, Sabina; Marchi, Edoardo; Marini, Andrea; Musso, Guillermo Andres Marquez; Blazquez, María Cristina Molero; Muci, Antonio; Naeem, Mahvish; Nardelli, Matteo; Naudts, Ellen; Neugebauer, Katja; Nguyen, Benoît; Painelli, Laura; Paula, Georg; Pellicani, Antonella; Perrella, Antonio; Piqueras, José Carlos; Räsänen, Tatu; Raunig, Burkhard; Reghezza, Alessio; Rubera, Eugenio; Saggese, Pietro; Segalla, Esther; Sigmund, Michael; Soemer, Nicolas; Zitan, Salim Talout; Tercero-Lucas, David; Teulery, Thomas; Theal, John; Tresso, Laura; van der Vaart, Sjoerd; Weber, Beat; Zamora-Pérez, Alejandro; Zangerl, Felix |
| Abstract: | This paper provides an overview of recent analytical work conducted, under their own aegis, by experts from various European authorities and institutions in the field of crypto-asset monitoring. Currently, risks stemming from crypto-assets and the potential implications for central banking domains are limited and/or manageable, including as regards the existing regulatory and oversight frameworks. Nevertheless, the importance of monitoring developments in crypto-assets, raising awareness of the potential risks and fostering preparedness cannot be overstated. In light of this, this paper sets out the background to the establishment of the Crypto-Asset Monitoring Expert Group (CAMEG) in late 2023 to bring together experts from the Eurosystem’s central banks and from the European Systemic Risk Board (ESRB). It also provides abstracts of various papers and other analytical works presented at the inaugural CAMEG conference held on 24 and 25 October 2024. The conference aimed to take stock of analytical work and data issues in this area, while fostering European collaboration and monitoring in the field of crypto-assets. Finally, this paper outlines the prospective way forward for the CAMEG, focusing on gaining greater insight into data in this area and deepening analytical work on interlinkages, crypto-asset adoption and the latest trends. JEL Classification: E42, G21, G23, O33 |
| Keywords: | crypto-asset data, crypto-asset risks, crypto-assets, monitoring |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:ecb:ecbops:2025368 |
| By: | World Bank |
| Keywords: | Science and Technology Development-Technology Innovation |
| Date: | 2023–10 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wboper:40443 |
| By: | Marc Deschamps (Université Marie et Louis Pasteur, CRESE, UR3190, F-25000 Besançon, France); Julie Le Gallo (CESAER UMR1041, INRAE, Institut Agro Dijon, France); Catherine Refait-Alexandre (Université Marie et Louis Pasteur, CRESE, UR3190, F-25000 Besançon, France) |
| Abstract: | En nous appuyant sur les données de trois plateformes spécialisées de crowdfunding et sur des entretiens semi-directifs menés auprès de porteurs de projets situés dans la zone française de l'Arc jurassien, nous interrogeons le rôle de ce mode de financement dans la transition du système agri-alimentaire. Nous mobilisons notamment la théorie de la proximité (Torre, 2018) pour montrer que, si la proximité dite “sociale” (lien familial, amical ou de réseau) joue un rôle déterminant dans la réussite des collectes, la proximité géographique, quant à elle, n’apparaît pas décisive dans la décision de recourir au crowdfunding ni dans le succès de la campagne. Notre étude exploratoire suggère également que d’autres formes de proximité (institutionnelle ou organisationnelle) peuvent influencer la démarche des acteurs. Enfin, le soutien familial et amical demeure central, tandis que l’effet d’un éventuel “voisinage géographique” reste beaucoup plus modéré. |
| Keywords: | crowdfunding, transition, agri-alimentaire, théorie de la proximité, proximités sociale et géographique. |
| JEL: | G29 Q14 Q20 R11 R12 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:crb:wpaper:2025-03 |
| By: | Stephanie Johnson; Nitzan Tzur-Ilan |
| Abstract: | The 1990s rollout of mortgage automated underwriting systems allowed for complex underwriting rules, cut processing time and raised house prices substantially. We show that locations exposed to initial adopters of Freddie Mac’s Loan Prospector system experienced an early housing boom due to a switch to statistically-informed underwriting rules. Loan Prospector adoption increased lending at high loan-to-income ratios by around 18 percent. Applying our estimated response to lenders who adopted later, we find that the rollout of new lending standards with the GSEs’ systems can explain more than half of U.S. house price growth between 1993 and 2002. |
| Keywords: | credit; house prices; financial technology; mortgages |
| JEL: | G21 L85 R21 R31 |
| Date: | 2025–01–17 |
| URL: | https://d.repec.org/n?u=RePEc:fip:feddwp:99619 |
| By: | Moore, Bradley Adam |
| Abstract: | This essay aims to investigate the significant role that entrepreneurship, marketing, Internet of Things (IoT), and artificial intelligence (AI) play in the transformation of startups into global enterprises. It explores how the integration of these four domains can drive innovation, enhance customer engagement, optimize operations, and foster business growth. The essay also discusses the challenges and opportunities that arise when leveraging entrepreneurship, marketing, IoT, and AI in the context of scaling up a business. Through a comprehensive analysis of relevant literature and case studies, this essay provides valuable insights into the interplay between these domains and their impact on the success of startups in the global marketplace. |
| Date: | 2023–06–05 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:hw9qm_v1 |