Muhammad Saeed Meo, S. Kanwal, Shahzad Ali, Mohd Zaini Abd Karim, Aamir Zamir Kamboh
Technological innovation is a major actor in the tourism and hospitality industry over the past few decades. Technology shrinks costs by replacing expensive human labor with innovative labor of technology itself. Innovative technology use boosts operational efficiency and improves customer services and experiences. This chapter aims to underpin the future challenges of using new technological innovations in Asia’s tourism and hospitality industry by answering the following questions: Will growing technological innovation flourish tourism and hospitality business in Asia? Can technology knit the Asian region with the rest of the world into a one-touch digital electronic market place? Would the use of new technology in the Asian tourism industry transmit world culture and infiltrate the conservative Asian ideas and tradition by eroding previous generations’ values? Can reduced travel costs harm Asian travel business by shifting the customers into Europe? What would be the impact of using increased technological innovation in tourism on the environment? These questions’ answers will show whether applying innovation in tourism changes the game rules and saturate the market.
{"title":"The Future and Challenges of Applying Innovative Technologies in the Tourism and Hospitality Industry in Asia","authors":"Muhammad Saeed Meo, S. Kanwal, Shahzad Ali, Mohd Zaini Abd Karim, Aamir Zamir Kamboh","doi":"10.2139/ssrn.3712462","DOIUrl":"https://doi.org/10.2139/ssrn.3712462","url":null,"abstract":"Technological innovation is a major actor in the tourism and hospitality industry over the past few decades. Technology shrinks costs by replacing expensive human labor with innovative labor of technology itself. Innovative technology use boosts operational efficiency and improves customer services and experiences. This chapter aims to underpin the future challenges of using new technological innovations in Asia’s tourism and hospitality industry by answering the following questions: Will growing technological innovation flourish tourism and hospitality business in Asia? Can technology knit the Asian region with the rest of the world into a one-touch digital electronic market place? Would the use of new technology in the Asian tourism industry transmit world culture and infiltrate the conservative Asian ideas and tradition by eroding previous generations’ values? Can reduced travel costs harm Asian travel business by shifting the customers into Europe? What would be the impact of using increased technological innovation in tourism on the environment? These questions’ answers will show whether applying innovation in tourism changes the game rules and saturate the market.","PeriodicalId":13594,"journal":{"name":"Information Systems & Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89963066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study the interaction between public and private intellectual property rights (IPR) protection in a duopoly in which software developers offer a product variety of differing quality and compete for heterogeneous users, who have an option to buy a legal version, possibly use an illegal copy, or not buy a product at all. Illegal usage implies violation of IPR and is punishable. A developer may use private IPR protection for his software if the level of piracy is high. An important intermediate step in our analysis addresses firms’ pricing strategies and the analysis of the impact of both private and public IPR protection on these strategies (with monopoly serving as a benchmark case). Last but not least, we make some comparisons with an analogous model based on horizontal product differentiation.
{"title":"Private and Public IPR Protection in a Vertically Differentiated Software Duopoly","authors":"Krešimir Žigić, Jiří Střelický, Michael Kúnin","doi":"10.2139/ssrn.3702262","DOIUrl":"https://doi.org/10.2139/ssrn.3702262","url":null,"abstract":"We study the interaction between public and private intellectual property rights (IPR) protection in a duopoly in which software developers offer a product variety of differing quality and compete for heterogeneous users, who have an option to buy a legal version, possibly use an illegal copy, or not buy a product at all. Illegal usage implies violation of IPR and is punishable. A developer may use private IPR protection for his software if the level of piracy is high. An important intermediate step in our analysis addresses firms’ pricing strategies and the analysis of the impact of both private and public IPR protection on these strategies (with monopoly serving as a benchmark case). Last but not least, we make some comparisons with an analogous model based on horizontal product differentiation.","PeriodicalId":13594,"journal":{"name":"Information Systems & Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75939339","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
How does the stock market react to risk disclosures in annual reports of firms? Various studies investigated the reactions to the information at the time of disclosure. Still, there is little evidence about the differences between the market reaction to firms disclosing the risks and firms without disclosure when the risks indeed materialize. By using the COVID-19 pandemic, we are able provide empirical evidence about the effect of a disclosed systematic risk on the stock market returns across a broad set of industries. Our data consists of 3,433 annual reports from firms listed on US stock exchanges filed in 2019, from which only 652 firms (19%) disclosed the risk of a pandemic or epidemic. We find a significant increase in the stock return volatility for disclosing firms during the pandemic. Furthermore, the stock returns of disclosing firms fell significantly more at the start of the pandemic, but also increased more during the initial recovery phase than non-disclosing firms. Additionally, our study indicates that the importance of the risk disclosure in annual reports decreases with a growing market value.
{"title":"Firm-Level Risk Disclosures: Effects on the Market Value of Firms during the Risk Materialization in the Case of the COVID-19 Crisis","authors":"Keno Theile, Alexander Himme, K. Hoberg","doi":"10.2139/ssrn.3680064","DOIUrl":"https://doi.org/10.2139/ssrn.3680064","url":null,"abstract":"How does the stock market react to risk disclosures in annual reports of firms? Various studies investigated the reactions to the information at the time of disclosure. Still, there is little evidence about the differences between the market reaction to firms disclosing the risks and firms without disclosure when the risks indeed materialize. By using the COVID-19 pandemic, we are able provide empirical evidence about the effect of a disclosed systematic risk on the stock market returns across a broad set of industries. Our data consists of 3,433 annual reports from firms listed on US stock exchanges filed in 2019, from which only 652 firms (19%) disclosed the risk of a pandemic or epidemic. We find a significant increase in the stock return volatility for disclosing firms during the pandemic. Furthermore, the stock returns of disclosing firms fell significantly more at the start of the pandemic, but also increased more during the initial recovery phase than non-disclosing firms. Additionally, our study indicates that the importance of the risk disclosure in annual reports decreases with a growing market value.","PeriodicalId":13594,"journal":{"name":"Information Systems & Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86092687","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Human Resource Management is necessary for proper utilization and effective use of existing skilled workforce in the organization. There are lots of ready HRM applications available in market, but those are not very user friendly; and as well as costly in respect to customization, maintenance and security. It is not possible for all organizations to afford this huge cost and time. To analyse, it is very much necessary to point out and describe the basic characteristics of today’s open-source content management systems (CMSs). Particularly, to review its effectiveness for develop the HRM applications is an interesting consideration for CMSs. The overall result indicates that use of an Open-source CMS for development of a HRM Application keeps the organization economically viable and also competitive in market. The reason behind this are the less development cost, customization time is less, update and maintenance cost is negligible and the system is highly secure. The purpose of this work is to support modern applications like Smart City HRM using open source CMSs.
{"title":"Open source Content Management System (CMS) for Smart City HRM Application","authors":"Kausik Saha, Jayanta Poray","doi":"10.2139/ssrn.3671199","DOIUrl":"https://doi.org/10.2139/ssrn.3671199","url":null,"abstract":"Human Resource Management is necessary for proper utilization and effective use of existing skilled workforce in the organization. There are lots of ready HRM applications available in market, but those are not very user friendly; and as well as costly in respect to customization, maintenance and security. It is not possible for all organizations to afford this huge cost and time. To analyse, it is very much necessary to point out and describe the basic characteristics of today’s open-source content management systems (CMSs). Particularly, to review its effectiveness for develop the HRM applications is an interesting consideration for CMSs. The overall result indicates that use of an Open-source CMS for development of a HRM Application keeps the organization economically viable and also competitive in market. The reason behind this are the less development cost, customization time is less, update and maintenance cost is negligible and the system is highly secure. The purpose of this work is to support modern applications like Smart City HRM using open source CMSs.","PeriodicalId":13594,"journal":{"name":"Information Systems & Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78274870","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Financial systems worldwide are increasingly experiencing the mounting pressure of the technology based financial innovations. Some of these developments are generating alternative financial structures, existing parallelly to the “old” ones whereas some others are simply replacing the “old” ones. Alternative inter-mediating institutions are gaining ground vis a vis encumbents, relying on their technological and market supremacy. The space for traditional financial inter-mediation becomes increasingly under the competition of the new solutions. Some technological solutions provide additionally for the partial or entire disinter-mediation of the financial services and thus removing some existing transaction costs and matching directly economic agents. Digitization and data-fication, coupled with artificial intelligence, are offering new immense operational opportunities and economic benefits. On the other hand they are also the source of new risks to the financial and economic systems, financial stability, national security and consumer well-being, which need to be properly addressed. We review in this paper principal components of the current stream of technology based financial innovations, its main drivers, as well as discuss major strategic issues and impacts that we are facing in this area.
{"title":"Technology Driven Innovations in Financial Services","authors":"Jan Monkiewicz","doi":"10.2139/ssrn.3687747","DOIUrl":"https://doi.org/10.2139/ssrn.3687747","url":null,"abstract":"Financial systems worldwide are increasingly experiencing the mounting pressure of the technology based financial innovations. Some of these developments are generating alternative financial structures, existing parallelly to the “old” ones whereas some others are simply replacing the “old” ones. Alternative inter-mediating institutions are gaining ground vis a vis encumbents, relying on their technological and market supremacy. The space for traditional financial inter-mediation becomes increasingly under the competition of the new solutions. Some technological solutions provide additionally for the partial or entire disinter-mediation of the financial services and thus removing some existing transaction costs and matching directly economic agents. Digitization and data-fication, coupled with artificial intelligence, are offering new immense operational opportunities and economic benefits. On the other hand they are also the source of new risks to the financial and economic systems, financial stability, national security and consumer well-being, which need to be properly addressed. We review in this paper principal components of the current stream of technology based financial innovations, its main drivers, as well as discuss major strategic issues and impacts that we are facing in this area.","PeriodicalId":13594,"journal":{"name":"Information Systems & Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73122482","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper analyzes the generalized quality differentiation model in multi-sided markets with positive externalities, which leads to new insights into the optimal pricing structure of the firm. We find that quality differentiation for users on one side leads to a decrease in the price charged to users on the other side due to cross-subsidization, thereby affecting the pricing structure of multi-sided firms. In addition, quality differentiation affects the strategic relationships among the choice variables for the platform, so that the platform strategically uses quality differentiation to raise its profits.
{"title":"Quality Differentiation and Optimal Pricing Strategy in Multi-sided Markets","authors":"Soo-jin Kim, P. Pal","doi":"10.2139/ssrn.3667460","DOIUrl":"https://doi.org/10.2139/ssrn.3667460","url":null,"abstract":"This paper analyzes the generalized quality differentiation model in multi-sided markets with positive externalities, which leads to new insights into the optimal pricing structure of the firm. We find that quality differentiation for users on one side leads to a decrease in the price charged to users on the other side due to cross-subsidization, thereby affecting the pricing structure of multi-sided firms. In addition, quality differentiation affects the strategic relationships among the choice variables for the platform, so that the platform strategically uses quality differentiation to raise its profits.","PeriodicalId":13594,"journal":{"name":"Information Systems & Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74295208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this article, we discuss and analyse the main components of a digital financial supervisory system with supervisory technology (SupTech). This work offers a new SupTech definition and configures the digital pillars of a financial supervisory system. We contribute to the TECHs in Finance (FinTech, RegTech, SupTech) literature with two new concepts: “prudential supervisory disclosure” and “sustainable finance technology”, or SuFTech. This work also touches on real TECHs in Finance cases from several countries. We find that the May 6, 2010 market crash at the U.S. financial markets, one of the biggest FinTech crises, addresses the importance of having a well-functioning SupTech system. The case also points out that even a leading technology-producing country or a developed country faces unprecedented FinTech crashes or crises unless the country’s financial supervisors keep pace with technology and develop a well-functioning SupTech system.
{"title":"Digitalisation of Financial Supervision with Supervisory Technology (SupTech)","authors":"Stefan Zeranski, Ibrahim E. Sancak","doi":"10.2139/ssrn.3632053","DOIUrl":"https://doi.org/10.2139/ssrn.3632053","url":null,"abstract":"In this article, we discuss and analyse the main components of a digital financial supervisory system with supervisory technology (SupTech). This work offers a new SupTech definition and configures the digital pillars of a financial supervisory system. We contribute to the TECHs in Finance (FinTech, RegTech, SupTech) literature with two new concepts: “prudential supervisory disclosure” and “sustainable finance technology”, or SuFTech. \u0000 \u0000This work also touches on real TECHs in Finance cases from several countries. We find that the May 6, 2010 market crash at the U.S. financial markets, one of the biggest FinTech crises, addresses the importance of having a well-functioning SupTech system. The case also points out that even a leading technology-producing country or a developed country faces unprecedented FinTech crashes or crises unless the country’s financial supervisors keep pace with technology and develop a well-functioning SupTech system.","PeriodicalId":13594,"journal":{"name":"Information Systems & Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89241856","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Dynamic IT environment, increased spending on cloud-based applications and ever- growing power of digital transformation is forcing companies to embrace change. Digital transformation is the process of a company undergoing multiple changes internal and external leveraging digital technologies to become more agile, optimized and efficient in its business operations. Digital business transformation is ubiquitous and ERP market is no exception. SAP, the market leader(in revenue terms) has decided to phase out support for SAP ECC in next 5 years and its existing install base customers are bewildered in deciding how they should migrate from earlier versions to S/4HANA. Migration gives the organization a chance to streamline its processes, rationalize interfaces, decommission custom code, enforce standard SAP modules to become more efficient. However, migration from SAP ECC to SAP S/4HANA comes with its own set of unique challenges from organization perspective, vendor perspective, end user perspective and the consultant’s perspective. This paper deals with challenges from organization perspective in migrating to SAP S/4HANA and what approach should it take in making the transition to SAP S/4HANA seamless. This paper elaborates how an organization should formulate the SAP S/4HANA migration plan to ensure data integrity is maintained.
{"title":"ERP Migration Challenges and Solution Approach for Digital Transformation To SAP S/4HANA For SAP Customers","authors":"Mithun Gaur","doi":"10.2139/ssrn.3664153","DOIUrl":"https://doi.org/10.2139/ssrn.3664153","url":null,"abstract":"Dynamic IT environment, increased spending on cloud-based applications and ever- growing power of digital transformation is forcing companies to embrace change. Digital transformation is the process of a company undergoing multiple changes internal and external leveraging digital technologies to become more agile, optimized and efficient in its business operations. Digital business transformation is ubiquitous and ERP market is no exception. SAP, the market leader(in revenue terms) has decided to phase out support for SAP ECC in next 5 years and its existing install base customers are bewildered in deciding how they should migrate from earlier versions to S/4HANA. Migration gives the organization a chance to streamline its processes, rationalize interfaces, decommission custom code, enforce standard SAP modules to become more efficient. However, migration from SAP ECC to SAP S/4HANA comes with its own set of unique challenges from organization perspective, vendor perspective, end user perspective and the consultant’s perspective. This paper deals with challenges from organization perspective in migrating to SAP S/4HANA and what approach should it take in making the transition to SAP S/4HANA seamless. This paper elaborates how an organization should formulate the SAP S/4HANA migration plan to ensure data integrity is maintained.","PeriodicalId":13594,"journal":{"name":"Information Systems & Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90533877","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Many companies fought greatly over the investment they made on their IT systems. They are willing to contribute largely on the marketing department with great features. However, lack of concentration and care were given to the information technology department. There are many reasons why managers found hard to believe that their IT investment gave returns in the end. Hence, how do managers beats the challenge and optimize their returns from IT investments? What are the challenges they may suffers from the problems? Let us check on that matter.
{"title":"The Continuous Challenge to Managers by Optimizing Returns from IT Investments","authors":"Badruldeen Mohd Ali","doi":"10.2139/ssrn.3667780","DOIUrl":"https://doi.org/10.2139/ssrn.3667780","url":null,"abstract":"Many companies fought greatly over the investment they made on their IT systems. They are willing to contribute largely on the marketing department with great features. However, lack of concentration and care were given to the information technology department. There are many reasons why managers found hard to believe that their IT investment gave returns in the end. Hence, how do managers beats the challenge and optimize their returns from IT investments? What are the challenges they may suffers from the problems? Let us check on that matter.","PeriodicalId":13594,"journal":{"name":"Information Systems & Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91528818","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The recent booming of AI in FinTech evidences the significant developments and potential of AI for making smart FinTech, economy, finance and society. AI-empowered smart FinTech has emerged as a sexy and increasingly critical area in AI, data science, economics, finance, and other relevant research disciplines and business domains. This trend was built on the long history of AI in finance, and the new-generation AI, data science and machine learning are fundamentally and seamlessly transforming the vision, missions, objectives, paradigms, theories, approaches, tools and social aspects of economics and finance and driving smart FinTech. AI is empowering more personalized and advanced and better, safer and newer mainstream and alternative economic-financial mechanisms, products, models, services, systems, and applications. This review summarizes the lasting research on AI in finance and focuses on creating a comprehensive, multidimensional and economic-financial problem-driven research landscape of the roles, research directions and opportunities of AI in new-generation FinTech and finance.
{"title":"AI in Finance: A Review","authors":"Longbing Cao","doi":"10.2139/ssrn.3647625","DOIUrl":"https://doi.org/10.2139/ssrn.3647625","url":null,"abstract":"The recent booming of AI in FinTech evidences the significant developments and potential of AI for making smart FinTech, economy, finance and society. AI-empowered smart FinTech has emerged as a sexy and increasingly critical area in AI, data science, economics, finance, and other relevant research disciplines and business domains. This trend was built on the long history of AI in finance, and the new-generation AI, data science and machine learning are fundamentally and seamlessly transforming the vision, missions, objectives, paradigms, theories, approaches, tools and social aspects of economics and finance and driving smart FinTech. AI is empowering more personalized and advanced and better, safer and newer mainstream and alternative economic-financial mechanisms, products, models, services, systems, and applications. This review summarizes the lasting research on AI in finance and focuses on creating a comprehensive, multidimensional and economic-financial problem-driven research landscape of the roles, research directions and opportunities of AI in new-generation FinTech and finance.","PeriodicalId":13594,"journal":{"name":"Information Systems & Economics eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78117946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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