@article{48063,
abstract = {{Brainwaves have demonstrated to be unique enough across individuals to be useful as biometrics. They also provide promising advantages over traditional means of authentication, such as resistance to external observability, revocability, and intrinsic liveness detection. However, most of the research so far has been conducted with expensive, bulky, medical-grade helmets, which offer limited applicability for everyday usage. With the aim to bring brainwave authentication and its benefits closer to real world deployment, we investigate brain biometrics with consumer devices. We conduct a comprehensive measurement experiment and user study that compare five authentication tasks on a user sample up to 10 times larger than those from previous studies, introducing three novel techniques based on cognitive semantic processing. Furthermore, we apply our analysis on high-quality open brainwave data obtained with a medical-grade headset, to assess the differences. We investigate both the performance, security, and usability of the different options and use this evidence to elicit design and research recommendations. Our results show that it is possible to achieve Equal Error Rates as low as 7.2% (a reduction between 68–72% with respect to existing approaches) based on brain responses to images with current inexpensive technology. We show that the common practice of testing authentication systems only with known attacker data is unrealistic and may lead to overly optimistic evaluations. With regard to adoption, users call for simpler devices, faster authentication, and better privacy.
}},
author = {{Arias-Cabarcos, Patricia and Fallahi, Matin and Habrich, Thilo and Schulze, Karen and Becker, Christian and Strufe, Thorsten}},
issn = {{2471-2566}},
journal = {{ACM Transactions on Privacy and Security}},
keywords = {{Safety, Risk, Reliability and Quality, General Computer Science}},
number = {{3}},
pages = {{1--36}},
publisher = {{Association for Computing Machinery (ACM)}},
title = {{{Performance and Usability Evaluation of Brainwave Authentication Techniques with Consumer Devices}}},
doi = {{10.1145/3579356}},
volume = {{26}},
year = {{2023}},
}
@article{48058,
author = {{Winkel, Fabian and Deuse-Kleinsteuber, Johannes and Böcker, Joachim}},
issn = {{0018-9529}},
journal = {{IEEE Transactions on Reliability}},
keywords = {{Electrical and Electronic Engineering, Safety, Risk, Reliability and Quality}},
pages = {{1--14}},
publisher = {{Institute of Electrical and Electronics Engineers (IEEE)}},
title = {{{Run-to-Failure Relay Dataset for Predictive Maintenance Research With Machine Learning}}},
doi = {{10.1109/tr.2023.3255786}},
year = {{2023}},
}
@article{49309,
abstract = {{I study the effect of heterogeneous beliefs about asset prices on the long-term behavior of financial markets. Starting from the ideas of Abreu and Brunnermeier (Citation2003), a two-dimensional system of differential equations is developed. The first dynamic variable is the asset price growth rate. The second dynamic variable is the number of investors who believe that asset prices are abnormally high. In a phase plane analysis, I find both stable and unstable equilibria, depending on the spread of information and the response to other agents’ beliefs. If individuals try to increase their returns while perceiving more overpricing, these equilibria can be spirals or even approach limit cycles. Although I intend to study general price patterns, abnormally high asset prices can be caused by financial bubbles. In this model, bubbles can emerge and deflate both in cycles or directly, or they can grow until they burst. Further, I analyze market behavior after a central bank increases the interest rate. This can lead to new stable equilibria, but the emergence and bursting of bubbles cannot be prevented.}},
author = {{Burs, Carina}},
issn = {{2332-2039}},
journal = {{Cogent Economics & Finance}},
keywords = {{asset pricing, subjective information, stability conditions, monetary policy, risk aversion}},
number = {{2}},
publisher = {{Informa UK Limited}},
title = {{{A model of cycles and bubbles under heterogeneous beliefs in financial markets}}},
doi = {{10.1080/23322039.2023.2272485}},
volume = {{11}},
year = {{2023}},
}
@article{30917,
abstract = {{We study lobby group formation in a two-stage model where the players rst form lobby
groups that then engage in a rent-seeking contest to inuence the legislator. However, the
outcome of the contest aects all players according to the ideological distance between the
implemented policy and the players' preferences. The players can either lobby by themselves,
form a coalition of lobbyists or free ride. We nd that free coalition formation is reasonable
if either players with moderate preferences face lobby groups with extreme preferences, or if
there are two opposing coalitions with an equal number of members. Otherwise, there are
always free riders among the players.}},
author = {{Block, Lukas}},
journal = {{Quick And Easy Journal Title}},
keywords = {{Group formation, Rent-seeking, Free riding}},
title = {{{Coalition formation versus free riding in rent-seeking contests}}},
year = {{2022}},
}
@article{31844,
abstract = {{Encrypting data before sending it to the cloud ensures data confidentiality but requires the cloud to compute on encrypted data. Trusted execution environments, such as Intel SGX enclaves, promise to provide a secure environment in which data can be decrypted and then processed. However, vulnerabilities in the executed program give attackers ample opportunities to execute arbitrary code inside the enclave. This code can modify the dataflow of the program and leak secrets via SGX side channels. Fully homomorphic encryption would be an alternative to compute on encrypted data without data leaks. However, due to its high computational complexity, its applicability to general-purpose computing remains limited. Researchers have made several proposals for transforming programs to perform encrypted computations on less powerful encryption schemes. Yet current approaches do not support programs making control-flow decisions based on encrypted data.
We introduce the concept of
dataflow authentication
(DFAuth) to enable such programs. DFAuth prevents an adversary from arbitrarily deviating from the dataflow of a program. Our technique hence offers protections against the side-channel attacks described previously. We implemented two flavors of DFAuth, a Java bytecode-to-bytecode compiler, and an SGX enclave running a small and program-independent trusted code base. We applied DFAuth to a neural network performing machine learning on sensitive medical data and a smart charging scheduler for electric vehicles. Our transformation yields a neural network with encrypted weights, which can be evaluated on encrypted inputs in
\( 12.55 \,\mathrm{m}\mathrm{s} \)
. Our protected scheduler is capable of updating the encrypted charging plan in approximately 1.06 seconds.
}},
author = {{Fischer, Andreas and Fuhry, Benny and Kußmaul, Jörn and Janneck, Jonas and Kerschbaum, Florian and Bodden, Eric}},
issn = {{2471-2566}},
journal = {{ACM Transactions on Privacy and Security}},
keywords = {{Safety, Risk, Reliability and Quality, General Computer Science}},
number = {{3}},
pages = {{1--36}},
publisher = {{Association for Computing Machinery (ACM)}},
title = {{{Computation on Encrypted Data Using Dataflow Authentication}}},
doi = {{10.1145/3513005}},
volume = {{25}},
year = {{2022}},
}
@article{35992,
abstract = {{In this paper new semiparametric generalized autoregressive conditional heteroscedasticity (GARCH) models with long memory are introduced. A multiplicative decomposition of the volatility into a conditional component and an unconditional component is assumed. The estimation of the latter is carried out by means of a data-driven local polynomial smoother. According to the revised recommendations by the Basel Committee on Banking Supervision to measure market risk in the banks’ trading books, these new semiparametric GARCH models are applied to obtain rolling one-step ahead forecasts for the value-at-risk and expected shortfall (ES) for market risk assets. Standard regulatory traffic-light tests and a newly introduced traffic-light test for the ES are carried out for all models. In addition, model performance is assessed via a recently introduced model selection criterion. The practical relevance of our proposal is demonstrated by a comparative study. Our results indicate that semiparametric long-memory GARCH models are a meaningful substitute for their conventional, parametric counterparts. }},
author = {{Letmathe, Sebastian and Feng, Yuanhua and Uhde, André}},
journal = {{Journal of Risk}},
keywords = {{long memory, generalized autoregressive conditional heteroscedasticity (GARCH) models, value-at-risk (VaR), expected shortfall (ES), traffic-light test, backtesting}},
number = {{2}},
title = {{{Semiparametric GARCH models with long memory applied to Value at Risk and Expected Shortfall}}},
volume = {{25}},
year = {{2022}},
}
@techreport{49308,
abstract = {{Information is one of the most important ingredients for decision-making. While the neoclassical assumption of perfect information is surely an important conceptual benchmark for discussing efficient allocations, it is obviously far from describing a rational choice under real conditions. In reality, optimal choices should be considered choices under imperfect information. Thus, decision-makers' information problem can be solved by two strategies. Either they collect an optimal set of information to make an optimal allocation choice under this imperfect information set or they can apply heuristic reasoning. In this paper, we suggest a formal model framework for the example of a simple consumer decision for the allocation of differentiated goods to explore information acquisition strategies in such a simple standard choice situation. Using the model variation under perfect information as a benchmark, we answer the following questions. First and most importantly, under imperfect information, can a heuristic rule substitute information acquisition as an optimal choice? Second, what is the role of risk aversion in the information acquisition process? Finally, we explore the differences to the benchmark, both ex ante the first purchase decision and ex post when repeated purchases and consumption allows for experiences with the choices made. }},
author = {{Burs, Carina and Gries, Thomas}},
keywords = {{information economics, imperfect information, Bayesian learning, risk, heuristics, differentiated products}},
publisher = {{ Paderborn University, CIE Center for International Economics}},
title = {{{Decision-making under Imperfect Information with Bayesian Learning or Heuristic Rules}}},
volume = {{No. 149}},
year = {{2022}},
}
@article{5163,
abstract = {{Employing a unique hand-collected sample of 956 credit risk securitization transactions issued by 64 stock-listed
European banks across the EU-13 plus Switzerland over the period from 1997 to 2010, this paper empirically analyzes
the impact of securitization on the issuing banks’ effective tax rates. Our analysis reveals that banks may reduce their
tax expense through securitization via a direct and indirect channel suggesting that tax avoidance may be a further
motive for banks to engage in the securitization business. These baseline findings remain robust under various
robustness checks, especially when implementing structural equation models and controlling for a reverse causality
between the banks’ tax burden and their incentive to securitize. Finally, various sensitivity analyses provide further
important results and implications for tax policies, banking regulation and the ongoing process of revitalizing the
European securitization market.}},
author = {{Uhde, André}},
journal = {{The Quarterly Review of Economics and Finance}},
keywords = {{Securitization, Credit risk transfer, Effective tax rates, European banking}},
pages = {{411--421}},
title = {{{Tax avoidance through securitization}}},
doi = {{10.1016/j.qref.2020.07.008}},
volume = {{79}},
year = {{2021}},
}
@techreport{37136,
abstract = {{This study examines the relation between voluntary audit and the cost of debt in private firms. We use a sample of 4,058 small private firms operating in the period 2006‐2017 that are not subject to mandatory audits. Firms decide for a voluntary audit of financial statements either because the economic setting in which they operate effectively forces them to do so (e.g., ownership complexity, export‐oriented supply chain, subsidiary status) or because firm fundamentals and/or financial reporting practices limit their access to financial debt, both reflected in earnings quality. We use these factors to model the decision for voluntary audit. In the outcome analyses, we find robust evidence that voluntary audits are associated with higher, rather than lower, interest rate by up to 3.0 percentage points. This effect is present regardless of the perceived audit quality (Big‐4 vs. non‐Big‐4), but is stronger for non‐Big‐4 audits where auditees have a stronger position relative to auditors. Audited firms’ earnings are less informative about future operating performance relative to unaudited counterparts. We conclude that voluntary audits facilitate access to financial debt for firms with higher risk that may otherwise have no access to this form of financing. The price paid is reflected in higher interest rates charged to firms with voluntary audits – firms with higher information and/or fundamental risk.}},
author = {{Ichev, Riste and Koren, Jernej and Kosi, Urska and Sitar Sustar, Katarina and Valentincic, Aljosa}},
keywords = {{private firms, voluntary audit, cost of debt, self‐selection bias, risk}},
title = {{{Cost of Debt for Private Firms Revisited: Voluntary Audits as a Reflection of Risk}}},
year = {{2021}},
}
@techreport{36060,
abstract = {{Merging a sample of 492 merger and acquisition (M&A) announcements from 284 acquiring firms across Europe and North America with data from 5-year single-name credit default swaps (CDSs) written on stock-listed acquiring firms between 2005 and 2018, the paper at hand empirically analyzes the CDS investors’ risk perceptions of M&A announcements using event study methodologies. As a baseline result, we provide evidence for significantly positive cumulative average abnormal CDS spread changes for both, European and North American acquirers suggesting that CDS investors perceive an increase in the acquiring firms’ credit risk exposures due to M&A announcements. Our baseline finding holds under several robustness checks, especially when controlling for the robustness of the empirical design. Moreover, results from a large variety of sensitivity analyses reveal a number of deal and firm characteristics that may explain why CDS investors from our sample expect an increase in the acquirers’ credit risk exposures due to forthcoming M&A transactions. }},
author = {{Hippert, Benjamin and Uhde, André}},
keywords = {{credit default swaps, risk perception of CDS investors, mergers and acquisitions, event study}},
title = {{{CDS Investors’ Risk Perceptions of M&A Announcements}}},
year = {{2021}},
}
@techreport{46541,
abstract = {{Theoretical papers show that optimal prevention decisions in the sense of selfprotection (i.e., primary prevention) depend not only on the level of (second-order) risk aversion but also on higher-order risk preferences such as prudence (third-order risk aversion). We study empirically whether these theoretical results hold and whether prudent individuals show less preventive (self-protection) effort than non-prudent individuals. We use a unique dataset that combines data on higher-order risk preferences and various measures of observed real-world prevention behavior. We find that prudent individuals indeed invest less in self-protection as measured by influenza vaccination. This result is driven by high risk individuals such as individuals >60 years of age or chronically ill. We do not find a clear empirical relationship between riskpreferences and prevention in the sense of self-insurance (i.e. secondary prevention). Neither risk aversion nor prudence is related to cancer screenings such as mammograms, Pap smears or X-rays of the lung.}},
author = {{Mayrhofer, Thomas and Schmitz, Hendrik}},
keywords = {{prudence, risk preferences, prevention, vaccination, screening}},
publisher = {{RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen}},
title = {{{Prudence and prevention: Empirical evidence}}},
volume = {{863}},
year = {{2020}},
}
@techreport{13146,
abstract = {{Employing a sample of 492 merger and acquisition (M&A) announcements from 284 acquirers across North America and Europe between 2005 and 2018, this study analyzes the impact of M&A announcements on an acquirers abnormal CDS spread changes. We find that spreads from CDS which are written on acquirers increase by 310 bps during a symmetric five-day event window suggesting that investors expect an increase in the acquirers credit risk exposure due to M&As. Next to this baseline finding, we conduct a large variety of sensitivity analyses to gain more insight into the driving factors of the rising risk perception of CDS investors due to M&A announcements.}},
author = {{Hippert, Benjamin}},
keywords = {{credit default swaps, risk perception of CDS investors, mergers and acquisitions, event study}},
title = {{{The relationship between announcements of complete mergers and acquisitions and acquirers' abnormal CDS spread changes}}},
year = {{2019}},
}
@article{10279,
abstract = {{Are cryptocurrency traders driven by a desire to invest in a new asset class to diversify their portfolio or are they merely seeking to increase their levels of risk? To answer this question, we use individual-level brokerage data and study their behavior in stock trading around the time they engage in their first cryptocurrency trade. We find that when engaging in cryptocurrency trading investors simultaneously increase their risk-seeking behavior in stock trading as they increase their trading intensity and use of leverage. The increase in risk-seeking in stocks is particularly pronounced when volatility in cryptocurrency returns is low, suggesting that their overall behavior is driven by excitement-seeking. }},
author = {{Pelster, Matthias and Breitmayer, Bastian and Hasso, Tim}},
issn = {{0165-1765}},
journal = {{Economics Letters}},
keywords = {{cryptocurrencies, bitcoin, investor, risk-seeking}},
pages = {{98--100}},
title = {{{Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage accounts}}},
doi = {{10.1016/j.econlet.2019.06.013}},
volume = {{182}},
year = {{2019}},
}
@article{4562,
abstract = {{Employing main and sector-specific investment-grade CDS indices from the North American and European CDS market and performing mean-variance out-of-sample analyses for conservative and aggressive investors over the period from 2006 to 2014, this paper analyzes portfolio benefits of adding corporate CDS indices to a traditional financial portfolio consisting of stock and sovereign bond indices. As a baseline result, we initially find an increase in portfolio (downside) risk-diversification when adding CDS indices, which is observed irrespective of both CDS markets, investor-types and different sub-periods, including the global financial crisis and European sovereign debt crisis. In addition, the analysis reveals higher portfolio excess returns and performance in CDS index portfolios, however, these effects clearly differ between markets, investor-types and sub-periods. Overall, portfolio benefits of adding CDS indices mainly result from the fact that institutional investors replace sovereign bond indices rather than stock indices by CDS indices due to better risk-return characteristics. Our baseline findings remain robust under a variety of robustness checks. Results from sensitivity analyses provide further important implications for institutional investors with a strategic focus on a long-term conservative portfolio management.}},
author = {{Hippert, Benjamin and Uhde, André and Wengerek, Sascha Tobias}},
journal = {{Review of Derivatives Research }},
keywords = {{Corporate credit default swap indices, Mean-variance asset allocation, Out-of-sample portfolio optimization, Portfolio risk-diversification, Portfolio performance evaluation}},
number = {{2}},
pages = {{203--259}},
title = {{{Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North America and Europe}}},
doi = {{https://doi.org/10.1007/s11147-018-9148-8}},
volume = {{22}},
year = {{2019}},
}
@article{4951,
abstract = {{Despite the rapid growth and potential of technology-based services, managers' greatest challenges are gaining customer acceptance and increasing usage of these new innovative services. In the B2C field, studies of self-service technology show that perceived risk is an important factor influencing the use of service technology. Though prior research explores different risk types that emerge in consumer settings, risk perception in the B2B setting lacks a detailed examination of different risk types influencing technology-based service adoption. Data from 49 qualitative interviews with providers and customers in two different B2B industries inform this study. The findings emphasize the importance of functional and financial risks in a B2B context and show that business customers' personal and psychological fears hinder their use of technology-based services. Results highlight differences in risk perception and evaluation between customers and providers.}},
author = {{Paluch, Stefanie and Wünderlich, Nancy}},
journal = {{Journal of business Research}},
keywords = {{Risk perception, Technology-based service innovations, Business-to-business context, Interview study, Risk categories, Smart service}},
number = {{7}},
pages = {{2424----2431}},
publisher = {{Elsevier}},
title = {{{Contrasting Risk Perceptions of Technology-Based Service Innovations in Inter-Organizational Settings.}}},
volume = {{69}},
year = {{2016}},
}
@article{3376,
abstract = {{Employing compensation data provided by 63 banks from 16 European countries for the period from 2000 to 2010 this paper empirically investigates the impact of excess variable compensation on bank risk. As a main finding, we provide evidence for a risk-increasing impact of excess variable pay for both executive variable cash-based and variable equity-based compensation. This baseline finding holds under various robustness checks, in particular when controlling for likely reverse causality between bank risk and variable compensation by employing Granger-causality tests and instrumental variable regressions. In addition, results from a large number of sensitivity analyses including board and banking characteristics as well as the financial crisis period and the quality of a country's regulatory framework provide further important implications for banking regulators and politicians in Europe.}},
author = {{Uhde, André}},
journal = {{The Quarterly Review of Economics and Finance}},
keywords = {{Banking, Executive compensation, Risk-taking, Financial stability}},
number = {{5}},
pages = {{12--28}},
publisher = {{Elsevier}},
title = {{{Risk-taking incentives through excess variable compensation: Evidence from European banks}}},
doi = {{https://doi.org/10.1016/j.qref.2015.11.009}},
volume = {{60}},
year = {{2016}},
}
@article{5614,
abstract = {{Natural disasters, including earthquakes, Tsunamis, floods, hurricanes, and volcanic eruptions, have caused tremendous harm and continue to threaten millions of humans and various infrastructure capabilities each year. In their efforts to take countermeasures against the threats posed by future natural disasters, the United Nations formulated the ?Hyogo Framework for Action?, which aims at assessing and reducing risk. This framework and a global review of disaster reduction initiatives of the United Nations acknowledge the need for information systems research contributions in addressing major challenges of natural disaster management. In this paper, we provide a review of the literature with regard to how information systems research has addressed risk assessment and reduction in natural disaster management. Based on the review we identify research gaps that are centered around the need for acquiring general knowledge on how to design IS artifacts for risk assessment and reduction. In order to close these gaps in further research, we develop a research agenda that follows the IS design science paradigm.}},
author = {{Schryen, Guido and Wex, Felix}},
journal = {{International Journal of Information Systems for Crisis Response and Management (IJISCRAM)}},
keywords = {{Natural Disaster Management, Risk Reduction, Hyogo Framework, IS Design Science, Literature review}},
number = {{1}},
title = {{{Risk Reduction in Natural Disaster Management Through Information Systems: A Literature review and an IS design science research agenda}}},
volume = {{6}},
year = {{2014}},
}
@article{39483,
author = {{Vidor, F.F. and Wirth, G.I. and Hilleringmann, Ulrich}},
issn = {{0026-2714}},
journal = {{Microelectronics Reliability}},
keywords = {{Electrical and Electronic Engineering, Surfaces, Coatings and Films, Safety, Risk, Reliability and Quality, Condensed Matter Physics, Atomic and Molecular Physics, and Optics, Electronic, Optical and Magnetic Materials}},
number = {{12}},
pages = {{2760--2765}},
publisher = {{Elsevier BV}},
title = {{{Low temperature fabrication of a ZnO nanoparticle thin-film transistor suitable for flexible electronics}}},
doi = {{10.1016/j.microrel.2014.07.147}},
volume = {{54}},
year = {{2014}},
}
@article{20863,
abstract = {{This article examines and extends research on the relation between the capital asset pricing model market beta, accounting risk measures and macroeconomic risk factors. We employ a beta decomposition approach that nests competing models with different business risk proxies and allows to frame cross-model comparison. Because model tests require estimated independent variables resulting in measurement error, we empirically estimate three comparable model specifications with instrumental variable estimators and for the first time provide thorough instrument diagnostics in this setting. Correcting for the heretofore neglected weak instruments problem we find that growth risk (i.e., the risk of firm sales variations that are inconsistent with the market wide trends), is the business risk that explains cross-sectional variations in market beta best.}},
author = {{Schlueter, Tobias and Sievers, Sönke}},
issn = {{0924-865X}},
journal = {{Review of Quantitative Finance and Accounting (VHB-JOURQUAL 3 Ranking B)}},
keywords = {{CAPM, Cost of capital, Accounting beta, Intrinsic business risk, Growth risk, Instrumental variables}},
number = {{3}},
pages = {{535--570}},
title = {{{Determinants of market beta: the impacts of firm-specific accounting figures and market conditions}}},
doi = {{10.1007/s11156-013-0352-1}},
year = {{2013}},
}
@article{4399,
abstract = {{Using a unique sample of 749 cash and synthetic securitization transactions issued by 60 stock-listed bank holdings in the EU-13 plus Switzerland over the period from 1997 to 2007 this paper provides empirical evidence that credit risk securitization has a negative impact on the issuing banks’ financial soundness. Baseline findings hold even when controlling for likely reverse causality by employing instrumental variable techniques and substituting the accounting-based z-score ratio by market-based indicators of bank risk. Moreover, investigating the relationship between credit risk securitization and single z-score components in order to evaluate significant transmission channels proposed by relevant theoretical literature, we find a negative impact of securitization on bank profitability and capital environment as well as a positive relationship between securitization and the issuing bank's return volatility. Against the background of our empirical results we underline that the decision by the Basel Committee to enhance the new Basel III framework in the field of securitization is a step in the right direction.}},
author = {{Michalak, Tobias C. and Uhde, André}},
journal = {{Quarterly Review of Economics and Finance}},
keywords = {{Credit risk securitization Bank soundness European banking}},
number = {{3}},
pages = {{272--285}},
title = {{{ Credit risk securitization and bank soundness: Evidence from the microlevel for Europe}}},
doi = {{https://doi.org/10.1016/j.qref.2012.04.008}},
volume = {{52}},
year = {{2012}},
}