Event-Driven Mobile Financial Information Services (eBook)

Design of an Intraday Decision Support System

Jan Muntermann (Autor)

eBook Download: PDF

2007 | 2008
XXII, 185 Seiten
Deutscher Universitätsverlag
978-3-8350-5479-0 (ISBN)

Infos

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.

Inhalt

Foreword 6
Preface 8
Table of Contents 10
Figures 14
Tables 16
Variables and Symbols 18
1 Introduction 24
1.1 Mobile Financial Services 25
1.2 Research Objective and Questions 26
1.3 Structure of the Thesis 27
1.4 Definitions and Research Methodology 30
1.4.1 Empirical Datasets and Data Analysis 30
1.4.2 IT Artifact Definition 31
1.4.3 Design Science Research Framework 31
2 Analysis of Intraday Stock Price Effects on the German Capital Market 36
2.1 Theoretical Foundation and Research Methodology 36
2.1.1 Efficient Market Hypothesis 36
2.1.2 Introduction to Event Study Analysis 37
2.1.3 Statistical Hypothesis Testing for One Sample Parameters 43
2.2 An Event Study Analysis of the German Capital Market 47
2.2.1 Dataset 48
2.2.2 Measuring Normal and Abnormal Stock Returns 55
2.2.3 Research Hypotheses 60
2.2.4 Sample Analysis and Descriptive Statistics 62
2.2.5 Empirical Results 65
2.2 An Event Study Analysis of the German Capital Market 47
2.3 Conclusion of the Intraday Event Study 70
3 Mobile Notification and Decision Support for Private Investors 74
3.1 Introduction to Decision Support Systems Research 75
3.2 Characteristics of Decision Support Systems 79
3.2.1 System Purpose 81
3.2.2 Target User Groups 81
3.2.3 Enabling Technologies 83
3.2.4 Decision Support Systems Technology Components 84
3.3 A Mobile Service Approach to Support Intraday Investment Decision Making 86
3.3.1 System Purpose and Targeted User Group 86
3.3.2 Supporting Investors with Mobile Communication Technologies 87
3.3.3 Forecasting Models as Dominant DSS Component 89
3.3.4 Price Effect Magnitude Forecasting 91
3.3.5 Price Effect Duration Forecasting 102
3.4 Summary of the Decision Support System Concept 113
4 Design of an IT Artifact for Intraday Decision Support 116
4.1 IT Artifacts in Information System Research 116
4.2 Introduction to Design Science Research 117
4.3 The MoFin DSS IT Artifact: Mobile Financial Decision Support for Private Investors 119
4.3.1 Requirement Analysis 119
4.3.2 Technical Infrastructure 126
4.3.3 Software Implementation 129
4.3.4 System Functionalities 131
4.3.5 Limitations of the IT Artifact 141
4.4 Summary of IT the Artifact Design 146
5 Evaluation of the IT Artifact 148
5.1 Theoretical Foundation and Statistical Foundations 149
5.1.1 Productivity Evaluations 150
5.1.2 Business Profitability Evaluations 152
5.1.3 Consumers’ Surplus Evaluations 153
5.1.4 Statistical Hypothesis Testing for Two Sample Parameters 154
5.2 Definition of the Artifact Evaluation Criteria 156
5.2.1 Major Contributions of the IT Artifact to Consumers’ Value 156
5.2.2 Realizable Return Calculation 159
5.2.3 Mean Realizable Yield Calculation 160
5.3 Simulation-based Empirical Evaluation Results 162
5.3.1 Reduction of Reaction Time 164
5.3.2 Decision Support Model 168
5.4 Conclusion of the IT Artifact Evaluation 174
6 Summary and Further Research 178
6.1 Summary of the Approach 178
6.2 Research Contributions 181
6.3 Practical Implications 182
6.4 Further Research 184
References 190

Textauszug

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.

Produkt-Details

• Erscheint lt. Verlag: 20.12.2007
• Vorwort: Prof. Dr. Kai Rannenberg
• Zusatzinfo: XXII, 185 p.
• Verlagsort: Wiesbaden
• Sprache: englisch
• Themenwelt: Mathematik / Informatik ► Informatik
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Schlagworte: Capital Market • Decision support system • eFinance • Information Technology (IT) • Mobile Business • Retail Brokerage • Securities trading
• ISBN-10: 3-8350-5479-1 / 3835054791
• ISBN-13: 978-3-8350-5479-0 / 9783835054790