The effects of mergers on the media marketplace have historically failed to live up to dire predictions. Mergers are often a response to technological upheaval and turbulence in the media industry and firms should be allowed to experiment with such alternative business models with the intent on...

Using representative US investor data, we investigate whether automated financial advisors, also referred to as robo-advisors, reduce investors' demand for human financial advice offered by financial service providers. Our results provide a strong negative relationship between using...

The digital transformation "revolutionizes" entire economies and societies. It can be interpreted as a Schumpeterian technological and economic revolution that fits well into his "Theory of Economic Development" written more than 100 years ago. This paper analyzes three current policy debates...

The full potential of digital technologies remains unrealised and their benefits unequally shared because of insufficient investment in enabling intangible assets and communication networks within and across countries. The COVID-19 shock poses new challenges and opportunities. Drawing on past...

Die Aufwendungen für Online-Werbung sind in den vergangenen Jahren rasant gewachsen. Ihr Anteil am gesamten deutschen Werbemarkt lag 2007 bei sieben Prozent und die Tendenz zeigt weiter steil nach oben. Der Versuch von Microsoft, den weltweit zweitgrößten Suchmaschinenbetreiber, Yahoo, zu...

This paper analyses the equilibrium effects of individual information filters. Information is modelled as advertisements which are distributed across a population of consumers with heterogeneous preferences. An advertisement that provides knowledge about a product with little or no utility for a...

On November 14th, 2014, SUERF – The European Money and Finance Forum – and CNMV, Comisión Nacional del Mercado de Valores – the Spanish Authority for supervision of securities markets – jointly organized a conference in Madrid: Challenges in Securities Markets Regulation: Investor...

The aim of financial institutions and regulators is to find an effective way to measure the risk profile of different segments of investors. Both economists and psychologists developed several methodologies to elicit and assess individual risk attitude, but these are not perfect and show several...

The Internet has become an integral part of the everyday life of households, firms and governments. Its proper functioning over the long run is therefore crucial for economic growth and people’s wellbeing more generally. The success of the Internet depends on its openness and the confidence of...

On November 14th, 2014, SUERF – The European Money and Finance Forum – and CNMV, Comisión Nacional del Mercado de Valores – the Spanish Authority for supervision of securities markets – jointly organized a conference in Madrid: Challenges in Securities Markets Regulation: Investor...