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Institute
Finding an optimal balance between risk and returns in investment portfolios is a central challenge in quantitative finance, often addressed through Markowitz portfolio theory (MPT). While traditional portfolio optimization is carried out in a continuous fashion, as if stocks could be bought in fractional increments, practical implementations often resort to approximations, as fractional stocks are typically not tradeable. While these approximations are effective for large investment budgets, they deteriorate as budgets decrease. To alleviate this issue, a discrete Markowitz portfolio theory (DMPT) with finite budgets and integer stock weights can be formulated, but results in a non-polynomial (NP)-hard problem. Recent progress in quantum processing units (QPUs), including quantum annealers, makes solving DMPT problems feasible. Our study explores portfolio optimization on quantum annealers, establishing a mapping between continuous and discrete Markowitz portfolio theories. We find that correctly normalized discrete portfolios converge to continuous solutions as budgets increase. Our DMPT implementation provides efficient frontier solutions, outperforming traditional rounding methods, even for moderate budgets. Responding to the demand for environmentally and socially responsible investments, we enhance our discrete portfolio optimization with ESG (environmental, social, governance) ratings for EURO STOXX 50 index stocks. We introduce a utility function incorporating ESG ratings to balance risk, return and ESG friendliness, and discuss implications for ESG-aware investors.
Deutsche Telekom, one of the world's leading integrated telecommunications companies, has recently shifted its focus in event marketing to prioritize more personal co-creational communication on regional occasions, rather than largescale events. This paper outlines the three-part LAW-principle that Deutsche Telekom follows in its brand communication in Germany, providing examples for each of the three pillars. The co-creation resulting from brand communication is changing the role of marketing and brand practitioners. They are now required to negotiate with various stakeholders.
1. Introduction
(2023)
Auf dem Weg zu mehr Klimagerechtigkeit Im Bündnis mit dem Globalen Süden Widerstände überwinden
(2023)
Die Menschen sind im Anthropozän auf einer gefährlichen Reise. Das Ziel steht noch nicht fest. Die Ankunft in einem guten Leben für alle innerhalb planetarer Grenzen ist immer noch möglich. Aber zurzeit führt die Reise eher zu einer Überhitzung der Erde. Gesundheit und Leben wären dann für viele Lebewesen – auch für den Menschen – massiv gefährdet. Das Buch behandelt die Fragen: • Wie sind wir in diese Lage geraten? • In welcher Richtung können Auswege liegen? • Welche Hindernisse sind zu überwinden? Es werden Strategien abgewogen und einige überraschende Bündnispartner identifiziert. Geschickt gestaltete Märkte können helfen, die Erderwärmung aufzuhalten. Nur in einer gleicheren und gerechteren Welt könnten alle Menschen gut, aber bescheidener leben. Die Alternative dazu wäre eine übererhitzte, gefährliche Welt. Eine gute Entwicklung ist noch möglich. Sie erfordert eine globale Transformation von Wirtschaft und Gesellschaft. Die wohlhabenden Staaten sind gut beraten, die Interessen des „Globalen Südens“ und der künftigen Generationen zu respektieren – auch durch den klugen Einsatz erheblicher Finanzmittel und eine Kooperation auf Augenhöhe.
Propagation of information technology in the increasingly diverse domains, raises question concerning moral implications. While the number of ethical principles in the IT design is growing, they do not necessarily apply to specific products, which means developers and e.g. purchasing agent need to contextualize them for each specific IT product. This paper describes an actionable artifact that allows assessment of ethical non-functional requirements of an information system through operationalization of ethical values, Ethical Software Assessment Tool (ESAT). It is based on a survey of values that are currently considered in research and practice as well as in legal initiatives in IT context. The ethical approach and principles operationalized in ESAT are presented and discussed.
Laws are the reflection of the ethical and moral principles of the society. While the use of technology influences users’ behavior in a pace that is affected by the technology introduction to the market, legal activities can be driven by the society as the results of such interactions. This scenario analysis- based research focuses on a classic but fictional food recommender system and the ethical issues that might occur from its usage. The recommender system is taken here as an example of machine learning-based systems (MLS) that can often be found in the individual, business and administrative applications. The research compares the existing legal solutions, with the focus on the GDPR legislation, and the discovered ethical issues. The ethical analysis is led along the ALTAI principles suggested by the European Commission, the common good approach as well as the general principles constituted in human rights. While the GDPR-based analysis showed that this data- and privacy-based legislation addressed most of the identified ethical issues, questions related to the common good approach in the context of environment and mobility that arise due to the wide spectrum of the MLS usage require further legal discussion. The application of the two approaches shows that conducting the ethical and legal analysis is beneficial for both the designers of such MLS as well as the legal actors. The findings can enhance the design and functions of a user-facing MLS as well as influence or validate legal activities.
Brand value co-creation: field emergence, applications, measurement and future research directions
(2023)
Small Businesses Participating in Digital Platform Ecosystems - A Descriptive Literature Review
(2023)
The emergence of digital multi-sided platforms has disrupted day-to-day business in many industries. Nowadays, many small businesses participate in digital platform (DP) ecosystems and act as value creators or complementors. Investigating the small business perspective does not have a rich tradition in platform research yet. In response, this paper presents a systematic literature review (SLR) analyzing the thematic points of focus and highlighting new avenues for information systems and small business research. We find that objectives related to digital transformation, digital strategy- and business model-development, and DP adoption are fundamental topics in the conjunction of small business and DP ecosystems. Based on the findings, an agenda for future research is developed, including propositions for practice-oriented and human-centered approaches fostering sustilience, innovation capabilities and digital leadership competencies in small businesses facing DP ecosystem participation.
"Digital" is a popular adjective for concepts related to electronic, computerized or networked processes in current research and practice. From an ontological-theoretical perspective, the prevalence of digital things triggers the question, how Digitality itself could be conceptualized. This article studies the ontology of Digitality and consequently discusses Digital Innovation (DI) from a new perspective. First, literature on Digitality is analyzed. Based on the findings, an ontological conceptual framework of Digitality (OCFD) is proposed. It describes four layers of Digitality: physical foundations, virtuality, digital culture and world, and digital metaphysics. From a human perspective, requirements to grasp and embody Digitality are highlighted, as well as the expansion of reality. Finally, Digitality is discussed as a paradigm of DI and exemplary digital phenomena are projected onto the OCFD. This paper contributes to DI research and practice through theory-building towards a better understanding of ontological characteristics and practical implications of Digitality in DI.