Digital Finance and FinTech: current research and future research directions

Since decades, the financial industry has experienced a continuous evolution in service delivery due to digitalization. This evolution is characterized by expanded connectivity and enhanced speed of information processing both at the customer interface and in back-office processes. Recently, there has been a shift in the focus of digitalization from improving the delivery of traditional tasks to introducing fundamentally new business opportunities and models for financial service companies. Digital Finance encompasses a magnitude of new financial products, financial businesses, finance-related software, and novel forms of customer communication and interaction—delivered by FinTech companies and innovative financial service providers. Against this backdrop, the research on finance and information systems has started to analyze these changes and the impact of digital progress on the financial sector. Therefore, this article reviews the current state of research in Digital Finance that deals with these novel and innovative business functions. Moreover, it gives an outlook on potential future research directions. As a conceptual basis for reviewing this field, the Digital Finance Cube, which embraces three key dimensions of Digital Finance and FinTech, i.e., the respective business functions, the technologies and technological concepts applied as well as the institutions concerned, is introduced. This conceptualization supports researchers and practitioners when orientating in the field of Digital Finance, allows for the arrangement of academic research relatively to each other, and enables for the revelation of the gaps in research.     

Modeling the Adenoma and Serrated Pathway to Colorectal CAncer (ASCCA)

Several colorectal cancer (CRC) screening models have been developed describing the progression of adenomas to CRC. Currently, there is increasing evidence that serrated lesions can also develop into CRC. It is not clear whether screening tests have the same test characteristics for serrated lesions as for adenomas, but lower sensitivities have been suggested. Models that ignore this type of colorectal lesions may provide overly optimistic predictions of the screen‐induced reduction in CRC incidence. To address this issue, we have developed the Adenoma and Serrated pathway to Colorectal CAncer (ASCCA) model that includes the adenoma‐carcinoma pathway and the serrated pathway to CRC as well as characteristics of colorectal lesions. The model structure and the calibration procedure are described in detail. Calibration resulted in 19 parameter sets for the adenoma‐carcinoma pathway and 13 for the serrated pathway that match the age‐ and sex‐specific adenoma and serrated lesion prevalence in the COlonoscopy versus COlonography Screening (COCOS) trial, Dutch CRC incidence and mortality rates, and a number of other intermediate outcomes concerning characteristics of colorectal lesions. As an example, we simulated outcomes for a biennial fecal immunochemical test screening program and a hypothetical one‐time colonoscopy screening program. Inclusion of the serrated pathway influenced the predicted effectiveness of screening when serrated lesions are associated with lower screening test sensitivity or when they are not removed. To our knowledge, this is the first model that explicitly includes the serrated pathway and characteristics of colorectal lesions. It is suitable for the evaluation of the (cost)effectiveness of potential screening strategies for CRC.     

A Tiered Framework for Risk‐Relevant Characterization and Ranking of Chemical Exposures: Applications to the National Children's Study (NCS)

A challenge for large‐scale environmental health investigations such as the National Children's Study (NCS), is characterizing exposures to multiple, co‐occurring chemical agents with varying spatiotemporal concentrations and consequences modulated by biochemical, physiological, behavioral, socioeconomic, and environmental factors. Such investigations can benefit from systematic retrieval, analysis, and integration of diverse extant information on both contaminant patterns and exposure‐relevant factors. This requires development, evaluation, and deployment of informatics methods that support flexible access and analysis of multiattribute data across multiple spatiotemporal scales. A new “Tiered Exposure Ranking” (TiER) framework, developed to support various aspects of risk‐relevant exposure characterization, is described here, with examples demonstrating its application to the NCS. TiER utilizes advances in informatics computational methods, extant database content and availability, and integrative environmental/exposure/biological modeling to support both “discovery‐driven” and “hypothesis‐driven” analyses. “Tier 1” applications focus on “exposomic” pattern recognition for extracting information from multidimensional data sets, whereas second and higher tier applications utilize mechanistic models to develop risk‐relevant exposure metrics for populations and individuals. In this article, “tier 1” applications of TiER explore identification of potentially causative associations among risk factors, for prioritizing further studies, by considering publicly available demographic/socioeconomic, behavioral, and environmental data in relation to two health endpoints (preterm birth and low birth weight). A “tier 2” application develops estimates of pollutant mixture inhalation exposure indices for NCS counties, formulated to support risk characterization for these endpoints. Applications of TiER demonstrate the feasibility of developing risk‐relevant exposure characterizations for pollutants using extant environmental and demographic/socioeconomic data.     

Role of Temperament,Parenting Behaviors,and Stress on Turkish Preschoolers’ Internalizing Symptoms

Child‐ and family‐related factors that predict internalizing symptoms are understudied in preschool years and have a negative influence on children's functioning. We examined observational assessments of preschoolers' temperamental fearfulness and exuberance, mother reports of negative control, warmth, and parenting stress in a sample of 109 Turkish preschoolers. High temperamental fearfulness and low joyful/exuberant positive affectivity in addition to low warmth and high parenting stress had significant effects on internalizing symptoms. Parenting stress had both direct and indirect relations to internalizing symptoms via lower maternal warmth. When comorbid elevations in externalizing symptoms were controlled, the results were consistent with the interpretation that poor parenting practices and stress associated with the parenting role predict maladaptation in general but that the specific form of maladaptation may be best predicted by individual differences in children's temperamental characteristics. This study contributes to our understanding of risk and protective factors that predict preschoolers' internalizing symptoms with a sample from a non‐Western population. These findings can guide early prevention and intervention programs to address internalizing problems in a culturally‐sensitive way.     

Popularity Contagion Among Adolescents

This study aimed to support the theory of popularity contagion, which posits that popularity spreads among friends spontaneously and regardless of behavioral changes. Peer nominations of status and behavior were collected annually between 6th and 12th grades from a total of 1062 adolescents. Longitudinal hypotheses were mostly supported using path analyses, showing (1) that individual popularity could be predicted by friends’ popularity levels over time, even when controlling for stability of individual popularity; (2) that this prediction was not accounted for by behavioral contagion of aggressive or prosocial behaviors; and (3) that individual social preference generally could not be predicted by friends’ preference levels over time. Implications, limitations, and directions for future research are discussed.     

The heritability of emergent leadership: Age and gender as moderating factors

In this study, we examined the moderating influences of gender and age with respect to testing the heritability of leadership emergence. A large data base of 12,112 twins from Sweden was used in the current study to decompose the variance of emergent leadership into an unobservable genetic component and environmental components that are either common or unshared among twin pairs. Consistent with prior leadership research on genetics, we found that a genetic factor is able to explain a significant proportion of the variation across individuals in predicting how twins perceive their emergent leadership behavior (about 44% for women and 37% for men). Furthermore, we also found that the magnitude of genetic influence on emergent leadership varied with age, but only for women with the heritability estimate being highest for the mid-age women versus lowest for the older women. Implications for advancing research on the genetic and environmental influences on leadership emergence are discussed.     

Leadership of highly creative people in highly creative fields: A historiometric study of scientific leaders

In recent years there has been a marked increase in the study of the influence of leadership on creativity, and the effects of this relationship on organizational performance. While a number of explanations have been broached with regard to the positive effects of leadership on creativity, many of these studies propose different, and often contradictory, methods for leaders to achieve these positive effects on creativity within their organizations and work groups. Additionally, little work has been done examining the effects of leadership on highly creative people in fields requiring creativity. The purpose of this study is to examine two existing leadership theories with regard to their viability as models to explain creative performance of eminent scientists. Eminent scientists represent a population of leaders of highly creative individuals in a field that values the production of innovative ideas and products as a marker of performance. Ninety-three excerpts from the biographies of scientists were content coded for leader behaviors and performance criteria. The results of this analysis indicate that a model based on strategic planning and product championing may serve to explain the positive effects of leadership on creativity in a highly creative population.     

Hierarchical likelihood approach to non-Gaussian factor analysis

Factor models, structural equation models (SEMs) and random-effect models share the common feature that they assume latent or unobserved random variables. Factor models and SEMs allow well developed procedures for a rich class of covariance models with many parameters, while random-effect models allow well developed procedures for non-normal models including heavy-tailed distributions for responses and random effects. In this paper, we show how these two developments can be combined to result in an extremely rich class of models, which can be beneficial to both areas. A new fitting procedures for binary factor models and a robust estimation approach for continuous factor models are proposed.     

Infants’ Lexical Processing Efficiency is Related to Vocabulary Size by One Year of Age

By 15–18 months, infants’ skill in interpreting familiar words, or lexical processing efficiency (LPE), improves substantially and is correlated with vocabulary size concurrently and several months later. Prior to this age LPE is quite poor, and to date there is little evidence that it is related to vocabulary size. If this relation only emerges once infants have relatively good LPE, and also know a substantial number of words, it could suggest that the processes that support the rapid growth in vocabulary commonly observed as infants approach age 2 may not yet be functional in the earlier stages of lexical development. However, using a modified LPE task we found that 12‐month‐olds with better LPE understood more words at that age and also produced more words several months later. These results suggest that meaningful individual differences in LPE are already emerging by 12 months and may support lexical development across the second year.