On the Disadvantages of Media as a Service with Regard to Psychological Ownership

Media as a Service (MaaS), which enables customers to access entire media libraries over a subscription period, has become an important revenue driver for the entertainment industry. By using an experiment related to music consumption, our study suggests that MaaS services, and in particular the ones that are free of charge, cause customers to feel a lower degree of psychological ownership (PO) for the provided content than for content provided via physical media and media files. Since PO is known to be an important driver of customers’ behaviors and feelings such as their willingness to pay, these findings suggest that PO might hinder MaaS’ continuing success

Testing the fire-sale FDI hypothesis for the European financial crisis

Using a panel of corporate transactions in 27 EU countries from 1999 to 2012, we investigate the impact of the financial crisis on the market for corporate assets. In particular, we test the ‘fire-sale FDI’ hypothesis by analyzing the number of cross-border transactions, the price of corporate assets and the impact of credit and macroeconomic conditions. According to the fire-sale FDI hypothesis, countries affected by a crisis attract foreign buyers selling assets at a discount. We find a dampening effect of the crisis on cross-border transactions in all EU countries. Although countries with higher sovereign default risk and lower economic demand attracted more foreign buyers in the crisis, lower domestic credit is associated with less cross-border transactions. Corporate assets in crisis countries are cheaper, particularly if domestic credit is low; however, these findings are not limited to the crisis period. This pattern is strikingly different from the East Asian and Latin American financial crises. Overall, we find little evidence for ‘fire-sale FDI’ suggesting an integrated European market without significant frictions

The disposition effect and underreaction to private information

We examine the role of the disposition effect in market efficiency following the arrival of private signals to a small group of informed traders. Subjects trade an ambiguous asset via a computer-based double auction. Using a 2 × 2 × 2 design, we endow two types of signal, i.e., positive vs. negative, to informed traders with two different levels of the disposition effect, i.e., high vs. low, that are measured in two domains, i.e., gain vs. loss. We find that (1) the disposition effect measured in the gain domain has qualitatively different implications from the disposition effect measured in the loss domain; (2) following a favorable signal, informed traders with high disposition effect levels are more likely to sell and less likely to hold the asset while following an unfavorable signal, the opposite is true; (3) there is some evidence of stronger price underreaction in markets with informed traders with high disposition effect levels than in markets with informed traders with low disposition effect levels, but the effect is overall relatively weak; and finally and most importantly (4) the above results hold only when the sign of the signal matches the domain that the disposition effect levels of the informed traders are measured in

Speculative Bubbles - An introduction and application of the Speculation Elicitation Task (SET)

We introduce the speculation elicitation task (SET) to measure speculative tendencies of individuals. The resulting SET-score allows us to investigate the role of individual speculative behavior on experimental asset market bubbles. The experimental results show that overpricing in asset markets composed of subjects with a high propensity to speculate (high SET-score) is significantly higher than in markets composed of subjects with a low propensity to speculate (low SET-score). We conclude that speculative tendencies are an important driver of price bubbles in experimental asset markets

Mixed Reality Applications in Business Contexts

Mixed reality is becoming increasingly relevant in business. In the corporate environment, such as logistics or maintenance, the use of data glasses allows extensive possibilities for process optimization and quality assurance. In the area of construction, virtual models either as augmentation of reality or mapped in virtual reality offer new approaches to experience ability. The goal of this paper is to show the manifold possibilities of mixed reality in the enterprise environment. For this purpose, selected application scenarios with corresponding realization stages will be shown and analyzed regarding their added value

Speculative Bubbles - An introduction and application of the Speculation Elicitation Task (SET)

We introduce the speculation elicitation task (SET) to measure speculative tendencies of individuals. The resulting SET-score allows us to investigate the role of individual speculative behavior on experimental asset market bubbles. The experimental results show that overpricing in asset markets composed of subjects with a high propensity to speculate (high SET-score) is significantly higher than in markets composed of subjects with a low propensity to speculate (low SET-score). We conclude that speculative tendencies are an important driver of price bubbles in experimental asset markets

Non-Standard Errors

In statistics, samples are drawn from a population in a data-generating process (DGP). Standard errors measure the uncertainty in estimates of population parameters. In science, evidence is generated to test hypotheses in an evidence-generating process (EGP). We claim that EGP variation across researchers adds uncertainty: Non-standard errors (NSEs). We study NSEs by letting 164 teams test the same hypotheses on the same data. NSEs turn out to be sizable, but smaller for better reproducible or higher rated research. Adding peer-review stages reduces NSEs. We further find that this type of uncertainty is underestimated by participants

The Influence of Psychological Ownership on Software as a Service in the Context of Commercial Customers

SaaS is a very promising alternative to the widely used on premises approach. However, some challenges in relation to the phenomenon of Psychological Ownership (PO) may influence the success of SaaS. This explorative study tries to identify the factors that influence the sense of PO among IT employees. After conducting 10 expert interviews and a qualitative content analysis, the findings indicate that the three established antecedents of PO (Controlling the ownership target, Coming to intimately know the target, and Investing the self into the target) need to be extended with three new antecedents (Attitude towards the target, Decision process for target selection, and Environment of the target) in order to explain all the influencing factors of PO in the context of SaaS. Implications and limitations are discussed