Research Achievements 2019 Faculty of Business, Economics and Statistics 19This report includes all our research achievements of the calendar year 2019 CONTENT IMPRINT 03 Our Research Themes Copyright University of Vienna 04 Publications Faculty of Business, Economics and Statistics 17 Editorial Work Oskar-Morgenstern-Platz 1, 20 Externally Funded Research Projects 1090 Wien, Austria wirtschaftswissenschaften.univie.ac.at 29 Dissemination of Research Publishers 61 Citation-Based Ranking Hautsch, Nikolaus Kittel, Bernhard Schaffhauser-Linzatti, Michaela Kinast, Kurt Editors Stelzer, Vera Carli, Lisa Layout & Design Schraffl, Anita Photo Credits Mair, Barbara Our Research Themes The faculty has developed five research themes that overcome the limitations of disciplines and bring together ideas and projects from different fields. Changing Markets and Institutions (CMI) Human Behavior and the Economy (HBE) Transaction costs – costs caused by the exchange of goods Human behavior in economic decision-making lies at the and services in economic systems – are as important as costs core of this research theme. In order to make predictions caused by the production of those goods and services. Efficient with business and economic models, it is crucial to make coordination of transactions in markets and companies by assumptions about human behavior. In experimental institutional design constantly offers new challenges for economics, on the other hand, these assumptions and states as well as for companies within an unwavering, further models are put to the test. The interplay between theoretical intensifying, global competition. Digitalization of economic and experimental approaches allows for a more realistic processes does not only change the scale (Big Data) but also model regarding human decision-making. The results of this the matter of economic transactions. Economic analysis and research today are the foundation for its application in nearly applications deal with effectiveness of market imperfections all disciplines of our faculty, ranging from analysis of economic and its control by governance structures and contractual and regulation policies and behavioral finance to solving incentive systems. business issues f. e. in marketing, strategy, organization, personnel and economic sociology. Corporate Strategies and Processes (CSP) Management of Resources (MR) Modern companies put an end to the traditional separation of strategy development by market and environment analysis Resources – natural, human, financial and informational and organization development regarding the design of resources – are the basic input of economic activity. Their internal processes. It is replaced by strategic management availability or shortage determine growth and development. that, as a process, coordinates corporate structures and Asymmetries in their distribution and privatization caused by value-adding processes and orientates itself on rapidly economic parties triggers strategic behavior. Management of changing environmental conditions and internationality. resources aims at the efficient use of resources in economic Besides strategic management in particular, this addresses systems, on a societal as well as corporate level. Economic also technology and innovations management, supply chain analyses and contributions focus on growth and development and operations management as well as – caused by the of regions, sustainable environmental and energy policies and advancement of digitalization and availability of Big Data – management, production and logistics within value-added- Business Analytics. Evidently all other business disciplines chains, design of educational and training systems as well as make a contribution as well as some economic disciplines, efficient information systems and their management. such as industrial organization, labor economics and interdisciplinary approaches such as cooperative economics and Share Economy. Data Science and Analytics (DSA) In times of availability of Big Data of nearly all societal domains and with increasing complexity of this Data (“High Dimensional Data”) the development of suitable statistical methods, algorithms and appropriate optimization methods is more urgent and important than ever. Demand for academically trained specialists in Data Science and Analytics on national and international job markets is high. This results in challenges for the application field as well as for the latest methodological developments in statistics (analysis of high dimensional and heterogenic data, modelling, model selection and inference), Operations Research (optimization and modelling) and quantitative and computer-assisted economics (Business Analytics, Finance and Applied Econometrics). Applications are especially important for analyzing currency, securities and energy markets, banks, insurances and their financial institutions, corporate finance of companies, as well as for logistics and operations management, currently for epidemiology, technical sciences and physics. Research Achievements 2019 Our Research Themes | 3 Publications This section reports on our research that has been published and 15 in the Categories “Online First” and “Forthcoming”. (in print) in the calendar year 2019. Most of our research Other journal articles and other publications such as is published in learned journals. Journals are divided in monographs and contributions to collected volumes are three broad categories in which our best publications can listed below. We do not list working papers. be assigned to Category 1 and Category 2 according to our Faculty Journal List. Those publications that cannot be The publications are listed alphabetically by author(s). assigned to either one of our categories are summarized as Our tenured faculty members are documented in blue, “Other Journal Publications” whereas non-tenured faculty members are marked in grey. We report the underlying field(s) of research according to the Category 1 comprises the very top journals. Members of our themes defined on the previous page. Faculty have published a total of 17 articles in such journals and 10 are assigned to the Categories “Online First” and “Forthcoming”. CMI = Changing Markets and Institutions CSP = Corporate Strategies and Processes Category 2 journals are among the top 25% of their fields DSA = Data Science and Analytics or are named as very good in selected field-specific com- HBE = Human Behaviour and the Economy plementary lists. We count 32 publications in such journals MR = Management of Resources Category 1 Publications Bachoc, F., Leeb, H., & Pötscher, B. (2019). Valid Confidence Intervals for Post-Model-Selection Predictors. DSA Annals of Statistics, 47(No.3), 1475-1504. Bibinger, M., Hautsch, N., Malec, P., & Reiss, M. (2019). Estimating the Spot Covariation of Asset Prices – Statistical Theory and DSA Empirical Evidence. Journal of Business and Economic Statistics, 37(3), 419-435. Bomze, I., Mertikopoulos, P., Schachinger, W., & Staudigl, M. (2019). Hessian barrier algorithms for linearly constrained optimization CSP, problems. SIAM Journal on Optimization, 29(3), 2100-2127. MR Bomze, I., Rinaldi, F., & Rota Bulò, S. (2019). First-order methods for the impatient: support identification in finite time with conver- CSP, gent Frank-Wolfe variants. SIAM Journal on Optimization, 29(3), 2211-2226. MR Calzolari, G., Colliard, J-E., & Loranth, G. (2019). Multinational Banks and Supranational Supervision. CSP The Review of Financial Studies, 32(8), 2997-3035. Cooper, M. W., Brown, M. E., Hochrainer-Stigler, S., Pflug, G., McCallum, I., Fritz, S., Silva, J., & Zvoleff, A. (2019). Mapping the effects of DSA drought on child stunting. Proceedings of the National Academy of Sciences of the United States of America (PNAS), 116(35), 17219-17224. Elsinger, H., Schmidt-Dengler, P., & Zulehner, C. (2019). Competition in treasury auctions. CMI American Economic Journal: Microeconomics, 11(1), 157-184. Glanzer, M., Pflug, G., & Pichler, A. (2019). Incorporating statistical model error into the calculation of acceptability prices of contingent DSA, claims. Mathematical Programming, 174(1), 499-524. MR Hautsch, N., & Horvath, A. (2019). How Effective Are Trading Pauses? CMI Journal of Financial Economics, 378-403. [131]. Hautsch, N., & Voigt, S. (2019). Large-Scale Portfolio Allocation Under Transaction Costs and Model Uncertainty. DSA Journal of Econometrics, 221-240. [212]. Janssen, M., & Kasberger, B. (2019). On the clock of the combinatorial clock auctions. HBE Theoretical Economics, 14(4), 1271-1308. Kittel, B., Kalleitner, F., & Tsakloglou, P. (2019). The Transmission of Work Centrality within the Family in a Cross-Regional Perspective. HBE American Academy of Political and Social Science. Annals, 682(1), 106-124. Pflug, G., & Maggioni, F. (2019). Guaranteed Bounds for General Non-Discrete Multistage Risk-Averse Stochastic Optimization DSA Programs. SIAM Journal on Optimization, 29(1), 454-483. Seidl, A., Hartl, R., & Kort, P. M. (2019). A multi-stage optimal control approach of durable goods pricing and the launch of new product CSP generations. Automatica, 106, 207-220. Steinberger, L., & Leeb, H. (2019). Prediction when fitting simple models to high-dimensional data. DSA Annals of Statistics, 47(No. 3), 1408-1442. Verwiebe, R., Kittel, B., Dellinger, F., Liebhart, C., Schiestl, D., Haindorfer, R., & Liedl, B. (2019). Finding your way into employment HBE against all odds? Successful job search of refugees in Austria. Journal of Ethnic and Migration