Muntermann Event-Driven Mobile Financial Information Services
2008
ISBN: 978-3-8350-5479-0
Verlag: Deutscher Universitätsverlag
Format: PDF
Kopierschutz: 1 - PDF Watermark
Design of an Intraday Decision Support System
E-Book, Englisch, 185 Seiten, eBook
ISBN: 978-3-8350-5479-0
Verlag: Deutscher Universitätsverlag
Format: PDF
Kopierschutz: 1 - PDF Watermark
Jan Muntermann presents an intraday event study that is conducted within the German capital market, and provides evidence that investors could exploit intraday stock price effects following critical market events. He then develops the concept for a corresponding mobile decision support system that assists investors in identifying those events. Based on the design science research paradigm, he uses this concept in the design of a novel mobile decision support system, which can provide ubiquitous information access to private investors.
Dr. Jan Muntermann ist wissenschaftlicher Mitarbeiter von Prof. Dr. Kai Rannenberg am T-Mobile Stiftungslehrstuhl für Mobile Business an der Universität Frankfurt am Main.
Zielgruppe
Research
Weitere Infos & Material
1;Foreword;6
2;Preface;8
3;Table of Contents;10
4;Figures;14
5;Tables;16
6;Variables and Symbols;18
7;1 Introduction;24
7.1;1.1 Mobile Financial Services;25
7.2;1.2 Research Objective and Questions;26
7.3;1.3 Structure of the Thesis;27
7.4;1.4 Definitions and Research Methodology;30
7.4.1;1.4.1 Empirical Datasets and Data Analysis;30
7.4.2;1.4.2 IT Artifact Definition;31
7.4.3;1.4.3 Design Science Research Framework;31
8;2 Analysis of Intraday Stock Price Effects on the German Capital Market;36
8.1;2.1 Theoretical Foundation and Research Methodology;36
8.1.1;2.1.1 Efficient Market Hypothesis;36
8.1.2;2.1.2 Introduction to Event Study Analysis;37
8.1.3;2.1.3 Statistical Hypothesis Testing for One Sample Parameters;43
8.2;2.2 An Event Study Analysis of the German Capital Market;47
8.2.1;2.2.1 Dataset;48
8.2.2;2.2.2 Measuring Normal and Abnormal Stock Returns;55
8.2.3;2.2.3 Research Hypotheses;60
8.2.4;2.2.4 Sample Analysis and Descriptive Statistics;62
8.2.5;2.2.5 Empirical Results;65
8.3;2.2 An Event Study Analysis of the German Capital Market;47
8.4;2.3 Conclusion of the Intraday Event Study;70
9;3 Mobile Notification and Decision Support for Private Investors;74
9.1;3.1 Introduction to Decision Support Systems Research;75
9.2;3.2 Characteristics of Decision Support Systems;79
9.2.1;3.2.1 System Purpose;81
9.2.2;3.2.2 Target User Groups;81
9.2.3;3.2.3 Enabling Technologies;83
9.2.4;3.2.4 Decision Support Systems Technology Components;84
9.3;3.3 A Mobile Service Approach to Support Intraday Investment Decision Making;86
9.3.1;3.3.1 System Purpose and Targeted User Group;86
9.3.2;3.3.2 Supporting Investors with Mobile Communication Technologies;87
9.3.3;3.3.3 Forecasting Models as Dominant DSS Component;89
9.3.4;3.3.4 Price Effect Magnitude Forecasting;91
9.3.5;3.3.5 Price Effect Duration Forecasting;102
9.4;3.4 Summary of the Decision Support System Concept;113
10;4 Design of an IT Artifact for Intraday Decision Support;116
10.1;4.1 IT Artifacts in Information System Research;116
10.2;4.2 Introduction to Design Science Research;117
10.3;4.3 The MoFin DSS IT Artifact: Mobile Financial Decision Support for Private Investors;119
10.3.1;4.3.1 Requirement Analysis;119
10.3.2;4.3.2 Technical Infrastructure;126
10.3.3;4.3.3 Software Implementation;129
10.3.4;4.3.4 System Functionalities;131
10.3.5;4.3.5 Limitations of the IT Artifact;141
10.4;4.4 Summary of IT the Artifact Design;146
11;5 Evaluation of the IT Artifact;148
11.1;5.1 Theoretical Foundation and Statistical Foundations;149
11.1.1;5.1.1 Productivity Evaluations;150
11.1.2;5.1.2 Business Profitability Evaluations;152
11.1.3;5.1.3 Consumers’ Surplus Evaluations;153
11.1.4;5.1.4 Statistical Hypothesis Testing for Two Sample Parameters;154
11.2;5.2 Definition of the Artifact Evaluation Criteria;156
11.2.1;5.2.1 Major Contributions of the IT Artifact to Consumers’ Value;156
11.2.2;5.2.2 Realizable Return Calculation;159
11.2.3;5.2.3 Mean Realizable Yield Calculation;160
11.3;5.3 Simulation-based Empirical Evaluation Results;162
11.3.1;5.3.1 Reduction of Reaction Time;164
11.3.2;5.3.2 Decision Support Model;168
11.4;5.4 Conclusion of the IT Artifact Evaluation;174
12;6 Summary and Further Research;178
12.1;6.1 Summary of the Approach;178
12.2;6.2 Research Contributions;181
12.3;6.3 Practical Implications;182
12.4;6.4 Further Research;184
13;References;190
Analysis of Intraday Stock Price Effects on the German Capital Market.- Mobile Notification and Decision Support for Private Investors.- Design of an IT Artifact for Intraday Decision Support.- Evaluation of the IT Artifact.- Summary and Further Research.
1 Introduction (p. 1)
We should help create the future, not just study the past. Gray (2002), Communications of the AIS (8:23)
Information technology and the impact of the Internet have changed dramatically the banking industry in the last decades (Chowdhury 2003, Crane and Bodie 1996, Holland et al. 1997, McKenney et al. 1997, Nehmzow 1997, Parsons et al. 1993). This development has affected processes and communication within and between the banks but also customer relations and services (Awad 2000, Beck et al. 2003, Holland and Westwood 2001).
Especially in the retail-banking sector, online banking and brokerage services have become a necessity due to customers’ demand for convenient, secure, and flexible banking services (Pikkarainen et al. 2004). The success story of online banking has become a challenge for the IT infrastructures of banks, not least because of the necessary investments. On the other hand, various studies show that these segments are highly profitable to banks because of realizable cost savings (Sheshunoff 2000, Southard and Siau 2004).
By contrast, the diffusion of mobile banking services has not yet lived up to expectations even though in the last couple of years the growth rate of mobile phones operating in countries like Germany has exceeded that of the fixed network (Bundesnetzagentur 2006). Several surveys indicate that perceived usefulness and the relative advantage provided are of major relevance for customers to adopt mobile banking services (Brown et al. 2003, Lee et al. 2003, Luarn and Lin 2005).
However, most of mobile banking research concentrates on behavioral and technical issues related to applications and services currently available. These are mainly reproductions of the traditional banking services such as payment services, basic information services such as bank statements or banking account management (e.g. Barnes and Corbitt 2003, Herzberg 2003, Lanedri 2002, Mallat et al. 2004).
Utilizing the reduction of temporal and spatial constraints provided by mobile communication infrastructures, this work aims to identify and explore a new, promising mobile banking scenario. Focusing on the highly time-critical mobile brokerage domain, a novel event-driven mobile financial decision support system is introduced and its relative advantages are illustrated. Compared to existing mobile banking concepts, the explored scenario benefits from increased ubiquity due to a limited period of reaction time available and explicitly addresses the relative advantage demanded by customers.
Section 1.1 further illustrates the gap between current mobile financial service concepts and the user acceptance serving as research motivation. Then, Section 1.2 explicates the addressed research objective and the derived research questions. The general structure is then presented in Section 1.3 providing an overview of scientific foundations as well as major contributions for each of the chapters. Finally, Section 1.4 summarizes relevant methodical issues, with special focus on a design science research framework providing a methodical basis for the entire work presented in the following.
1.1 Mobile Financial Services
When planning novel mobile financial services, companies face the problem of identifying suitable service concepts that will be taken up by customers searching for the most promising investment strategies.
