Michael Nofer
Technische Universität Darmstadt
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Featured researches published by Michael Nofer.
web intelligence | 2014
Michael Nofer; Oliver Hinz; Jan Muntermann; Heiko Roßnagel
Privacy and security incidents represent a serious threat for a company’s business success. While previous research in this area mainly investigated second-order effects (e.g., capital market reactions to privacy or security incidents), this study focuses on first-order effects, that is, the direct consumer reaction. In a laboratory experiment, the authors distinguish between the impact of privacy violations and security breaches on the subjects’ trust and behavior. They provide evidence for the so-called “privacy paradox” which describes that people’s intentions, with regard to privacy, differ from their actual behavior. While privacy is of prime importance for building trust, the actual behavior is affected less and customers value security higher when it comes to actual decision making. According to the results, consumers’ privacy related intention-behavior gap persists after the privacy breach occurred.
Publications of Darmstadt Technical University, Institute for Business Studies (BWL) | 2015
Michael Nofer; Oliver Hinz; Jan Muntermann; Heiko Rossnagel
Privacy and security incidents represent a serious threat for a company’s business success. While previous research in this area mainly investigated secondorder effects (e.g., capital market reactions to privacy or security incidents), this study focuses on first-order effects, that is, the direct consumer reaction. In a laboratory experiment, the authors distinguish between the impact of privacy violations and security breaches on the subjects’ trust and behavior. They provide evidence for the so-called “privacy paradox” which describes that people’s intentions, with regard to privacy, differ from their actual behavior. While privacy is of prime importance for building trust, the actual behavior is affected less and customers value security higher when it comes to actual decision making. According to the results, consumers’ privacy related intention-behavior gap persists after the privacy breach occurred.
Publications of Darmstadt Technical University, Institute for Business Studies (BWL) | 2015
Michael Nofer; Oliver Hinz
Behavioral finance researchers have shown that the stock market can be driven by emotions of market participants. In a number of recent studies mood levels have been extracted from Social Media applications in order to predict stock returns. We try to replicate these findings by measuring the mood states on Twitter. Our sample consists of roughly 100 million tweets that have been published in Germany between January, 2011 and November, 2013. In our first analysis we do not find a significant relationship between aggregate Twitter mood states and the stock market. However, in further analyses we also consider mood contagion by integrating the number of Twitter followers into the analysis. Our results show that it is necessary to consider the spread of mood states among Internet users. Based on our results in the training period, we created a trading strategy for the German stock market. Our portfolio increases by up to 36 percent within a six-month period after the consideration of transaction costs.
european conference on information systems | 2015
Michael Nofer; Oliver Hinz
A market anomaly (or market inefficiency) is a price distortion typically on a financial market that seems to contradict the efficient-market hypothesis. Such anomalies could be calendar, technical or fundamental related and have been shown empirically in a number of settings for financial markets. This paper extends this stream of research to two-sided auction platforms in Electronic Commerce and empirically analyzes whether calendar anomalies are persistent on such markets. Our empirical study analyzes 78,068 transactions completed between buyers and sellers on a German auction platform and covers the period between April 2005 and May 2009. We observe a persistent turn-of-the-month effect and a day-of-the-week effect that would allow buyers to realize small additional surpluses (0.3 percent price discount). Prices are also persistently lower in the highly competitive Christmas trade period while sellers benefit from higher prices at the beginning of every year. Overall our results support the common notion that two-sided auction platforms are rather efficient markets on which we however can observe some marginal market inefficiencies.
Wirtschaftsinformatik und Angewandte Informatik | 2014
Michael Nofer; Oliver Hinz; Jan Muntermann; Heiko Roßnagel
ZusammenfassungPrivacy- und Securityvorfälle stellen eine ernsthafte Bedrohung für den Erfolg eines Unternehmens dar. Während frühere Untersuchungen sich hauptsächlich auf Sekundäreffekte konzentriert haben (d. h. Kapitalmarktreaktionen in Folge von Privacy- und Security-Vorfällen), widmet sich diese Studie Primäreffekten und beleuchtet die direkte Kundenreaktion. In einem Laborexperiment wird zwischen dem Einfluss von Privacy- und Security-Vorfällen auf das Vertrauen und das Verhalten von Personen unterschieden. Es finden sich Hinweise auf das sogenannte Datenschutzparadoxon, wonach sich im Bereich des Datenschutzes die Intention vom Verhalten unterscheidet. Während Privacy sehr wichtig für die Vertrauensbildung ist, wirkt Security stärker auf das tatsächliche Verhalten. Nach den Ergebnissen dieser Studie bleibt die Lücke zwischen Intentionen und Verhalten auch nach dem Auftreten eines Datenschutzvorfalls bestehen.AbstractPrivacy and security incidents represent a serious threat for a company’s business success. While previous research in this area mainly investigated second-order effects (e.g., capital market reactions to privacy or security incidents), this study focuses on first-order effects, that is, the direct consumer reaction. In a laboratory experiment, the authors distinguish between the impact of privacy violations and security breaches on the subjects’ trust and behavior. They provide evidence for the so-called “privacy paradox” which describes that people’s intentions, with regard to privacy, differ from their actual behavior. While privacy is of prime importance for building trust, the actual behavior is affected less and customers value security higher when it comes to actual decision making. According to the results, consumers’ privacy related intention-behavior gap persists after the privacy breach occurred.
Wirtschaftsinformatik und Angewandte Informatik | 2014
Michael Nofer; Oliver Hinz; Jan Muntermann; Heiko Roßnagel
ZusammenfassungPrivacy- und Securityvorfälle stellen eine ernsthafte Bedrohung für den Erfolg eines Unternehmens dar. Während frühere Untersuchungen sich hauptsächlich auf Sekundäreffekte konzentriert haben (d. h. Kapitalmarktreaktionen in Folge von Privacy- und Security-Vorfällen), widmet sich diese Studie Primäreffekten und beleuchtet die direkte Kundenreaktion. In einem Laborexperiment wird zwischen dem Einfluss von Privacy- und Security-Vorfällen auf das Vertrauen und das Verhalten von Personen unterschieden. Es finden sich Hinweise auf das sogenannte Datenschutzparadoxon, wonach sich im Bereich des Datenschutzes die Intention vom Verhalten unterscheidet. Während Privacy sehr wichtig für die Vertrauensbildung ist, wirkt Security stärker auf das tatsächliche Verhalten. Nach den Ergebnissen dieser Studie bleibt die Lücke zwischen Intentionen und Verhalten auch nach dem Auftreten eines Datenschutzvorfalls bestehen.AbstractPrivacy and security incidents represent a serious threat for a company’s business success. While previous research in this area mainly investigated second-order effects (e.g., capital market reactions to privacy or security incidents), this study focuses on first-order effects, that is, the direct consumer reaction. In a laboratory experiment, the authors distinguish between the impact of privacy violations and security breaches on the subjects’ trust and behavior. They provide evidence for the so-called “privacy paradox” which describes that people’s intentions, with regard to privacy, differ from their actual behavior. While privacy is of prime importance for building trust, the actual behavior is affected less and customers value security higher when it comes to actual decision making. According to the results, consumers’ privacy related intention-behavior gap persists after the privacy breach occurred.
Wirtschaftsinformatik und Angewandte Informatik | 2014
Michael Nofer; Oliver Hinz; Jan Muntermann; Heiko Roßnagel
ZusammenfassungPrivacy- und Securityvorfälle stellen eine ernsthafte Bedrohung für den Erfolg eines Unternehmens dar. Während frühere Untersuchungen sich hauptsächlich auf Sekundäreffekte konzentriert haben (d. h. Kapitalmarktreaktionen in Folge von Privacy- und Security-Vorfällen), widmet sich diese Studie Primäreffekten und beleuchtet die direkte Kundenreaktion. In einem Laborexperiment wird zwischen dem Einfluss von Privacy- und Security-Vorfällen auf das Vertrauen und das Verhalten von Personen unterschieden. Es finden sich Hinweise auf das sogenannte Datenschutzparadoxon, wonach sich im Bereich des Datenschutzes die Intention vom Verhalten unterscheidet. Während Privacy sehr wichtig für die Vertrauensbildung ist, wirkt Security stärker auf das tatsächliche Verhalten. Nach den Ergebnissen dieser Studie bleibt die Lücke zwischen Intentionen und Verhalten auch nach dem Auftreten eines Datenschutzvorfalls bestehen.AbstractPrivacy and security incidents represent a serious threat for a company’s business success. While previous research in this area mainly investigated second-order effects (e.g., capital market reactions to privacy or security incidents), this study focuses on first-order effects, that is, the direct consumer reaction. In a laboratory experiment, the authors distinguish between the impact of privacy violations and security breaches on the subjects’ trust and behavior. They provide evidence for the so-called “privacy paradox” which describes that people’s intentions, with regard to privacy, differ from their actual behavior. While privacy is of prime importance for building trust, the actual behavior is affected less and customers value security higher when it comes to actual decision making. According to the results, consumers’ privacy related intention-behavior gap persists after the privacy breach occurred.
Journal of Business Economics | 2014
Michael Nofer; Oliver Hinz
web intelligence | 2015
Michael Nofer; Oliver Hinz
Information & Management | 2015
Oliver Hinz; Michael Nofer; D. Schiereck; Julian Trillig