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Displaying results 1 to 5 of 5.

  1. The supply and demand for data privacy
    evidence from mobile apps
    Author: Bian, Bo; Ma, Xinchen; Tang, Huan
    Published: July 2023
    Publisher:  [LSE Financial Markets Group], [London]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: This version: November 10, 2022
    Series: Discussion paper / [Financial Markets Group] ; no 881
    Subjects: Privacy labels; App Tracking Transparency policy; Data protection; Mobile apps; Product markets; Event studies
    Scope: 1 Online-Ressource (circa 80 Seiten), Illustrationen
  2. Consumer Surveillance and Financial Fraud
    Author: Bian, Bo; Pagel, Michaela; Tang, Huan
    Published: September 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Companies near constantly surveil their customers to collect, analyze, and profit from their private information. A prevailing concern is that the market for private data and security breaches expose consumers to financial fraud. In this study, we... more

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Companies near constantly surveil their customers to collect, analyze, and profit from their private information. A prevailing concern is that the market for private data and security breaches expose consumers to financial fraud. In this study, we exploit Apple's App Tracking Transparency (ATT) policy, which greatly limited the tracking and sharing of personal information on the iOS platform, providing a major shock to the data industry. Using a difference-in-differences design and granular variations in iOS user shares across the US, we find that if 10% more people disallow tracking, the number of financial fraud complaints in the average zip code decreases by approximately 3.21%. We then show that the effects are concentrated in complaints related to lax data security and privacy, identified using keyword searches and machine learning on complaint narratives, and in complaints about firms that engage in intensive consumer surveillance and lack data safeguards. Our evidence quantifies one of the main consumer costs of lax data security standards

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w31692
    Subjects: Personenbezogene Daten; Kundendaten; Digitale Plattform; Wirtschaftskriminalität; Datenschutz; USA; Household Finance
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  3. Conflicting fiduciary duties and fire sales of VC-backed start-ups
    Author: Bian, Bo; Li, Yingxiang; Nigro, Casimiro A.
    Published: [2022]
    Publisher:  DFG Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University, Frankfurt am Main, Germany

    This paper studies the interactions between corporate law and VC exits by acquisitions, an increasingly common source of VC-related litigation. We find that transactions by VC funds under liquidity pressure are characterized by (i) a substantially... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    This paper studies the interactions between corporate law and VC exits by acquisitions, an increasingly common source of VC-related litigation. We find that transactions by VC funds under liquidity pressure are characterized by (i) a substantially lower sale price; (ii) a greater probability of industry outsiders as acquirers; (iii) a positive abnormal return for acquirers. These features indicate the existence of fire sales, which satisfy VCs' liquidation preferences but hurt common shareholders, leaving board members with conflicting fiduciary duties and litigation risks. Exploiting an important court ruling that establishes the board’s fiduciary duties to common shareholders as a priority, we find that after the ruling maturing VCs become less likely to exit by fire sales and they distribute cash to their investors less timely. However, VCs experience more difficult fundraising ex-ante, highlighting the potential cost of a common-favoring regime. Overall the evidence has important implications for optimal fiduciary duty design in VC-backed start-ups.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/261465
    Series: LawFin working paper ; no. 35
    Subjects: Acquisitions; Corporate Governance; Fiduciary Duties; Fire Sales; Liquidation Preferences; Trados; Venture Capital
    Other subjects: Array
    Scope: 1 Online-Ressource (circa 83 Seiten), Illustrationen
  4. Globally consistent creditor protection, reallocation, and productivity
    Author: Bian, Bo
    Published: [2020]
    Publisher:  Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University, Frankfurt am Main, Germany

    This paper documents that resource reallocation across firms is an important mechanism through which creditor rights affect real outcomes. I exploit the staggered adoption of an international convention that provides globally consistent strong... more

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    This paper documents that resource reallocation across firms is an important mechanism through which creditor rights affect real outcomes. I exploit the staggered adoption of an international convention that provides globally consistent strong creditor protection for aircraft finance. After this reform, country-level productivity in the aviation sector increases by 12%, driven mostly by across-firm reallocation. Productive airlines borrow more, expand, and adopt new technology at the expense of unproductive ones. Such reallocation is facilitated by (i) easier and quicker asset redeployment; and (ii) the influx of foreign financiers offering innovative financial products to improve credit allocative efficiency. I further document an increase in competition and an improvement in the breadth and the quality of products available to consumers.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/244686
    Series: LawFin working paper ; no. 6
    Subjects: Allocative Effciency; Creditor Rights; Law and Finance; Productivity and Growth; Reallocation
    Scope: 1 Online-Ressource (circa 78 Seiten), Illustrationen
  5. Cross-border institutions and the globalization of innovation
    Author: Bian, Bo; Meier, Jean-Marie; Xu, Ting
    Published: [2021]
    Publisher:  Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University, Frankfurt am Main, Germany

    We identify strong cross-border institutions as a driver for the globalization of in-novation. Using 67 million patents from over 100 patent offices, we introduce novel measures of innovation diffusion and collaboration. Exploiting staggered bilateral... more

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    Verlag (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 778
    Inter-library loan:
    No inter-library loan

     

    We identify strong cross-border institutions as a driver for the globalization of in-novation. Using 67 million patents from over 100 patent offices, we introduce novel measures of innovation diffusion and collaboration. Exploiting staggered bilateral in-vestment treaties as shocks to cross-border property rights and contract enforcement, we show that signatory countries increase technology adoption and sourcing from each other. They also increase R&D collaborations. These interactions result in techno-logical convergence. The effects are particularly strong for process innovation, and for countries that are technological laggards or have weak domestic institutions. Increased inter-firm rather than intra-firm foreign investment is the key channel.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/244703
    Series: LawFin working paper ; no. 23
    Subjects: bilateral investment treaties; cross-border institutions; globalization; innovation; technology diffusion
    Other subjects: Array
    Scope: 1 Online-Ressource (circa 71 Seiten), Illustrationen