Helmut Dietl’s research while affiliated with University of Zurich and other places

Stablecoins have gained significant popularity recently, with their market cap rising to over $180 billion. However, recent events have raised concerns about their stability. In this paper, we classify stablecoins into four types based on the source and management of collateral and investigate the stability of each type under different conditions. We highlight each type’s potential instabilities and underlying tradeoffs using agent-based simulations. The results emphasize the importance of carefully evaluating the origin of a stablecoin’s collateral and its collateral management mechanism to ensure stability and minimize risks. Enhanced understanding of stablecoins should be informative to regulators, policymakers, and investors alike.

Football clubs’ increasing commercialisation and privatisation have created a significant gap between clubs and supporters, necessitating innovative solutions to reconnect clubs with their fans. Thus, this article examines the feasibility and implications of implementing Decentralised Autonomous Organisations (DAOs) in the governance of football clubs. Utilising blockchain technology, DAOs offer a novel governance model that enhances transparency, accountability, and fan engagement. Through a qualitative research design, this study explores the potential benefits and challenges of DAO adoption in football clubs. Key findings highlight the potential for increased financial resources through decentralised fundraising, democratised decision-making, and improved operational efficiency via automated smart contracts. However, significant challenges remain, including legal uncertainties, technical vulnerabilities, financial risks, and governance complexities. To address these challenges, we suggest hybrid governance models that integrate traditional structures with DAO elements, phased implementation through pilot projects, and robust stakeholder engagement strategies. The findings provide valuable implications for football clubs and other organisations contemplating the adoption of decentralised governance models.

Decentralized exchanges are widely used platforms for trading crypto assets. The most common types work with automated market makers (AMM), allowing traders to exchange assets without needing to find matching counterparties. Thereby, traders exchange against asset reserves managed by smart contracts. These assets are provided by liquidity providers in exchange for a fee. Static analysis shows that small price changes in one of the assets can result in losses for liquidity providers. Despite the success of AMMs, it is claimed that liquidity providers often suffer losses. However, the literature does not adequately consider the dynamic effects of fees over time. Therefore, we investigate the impermanent loss problem in a dynamic setting using Monte Carlo simulations. Our findings indicate that price changes do not necessarily lead to losses. Fees paid by traders and arbitrageurs are equally important. In this respect, we can show that an arbitrage-friendly environment benefits the liquidity provider. Thus, we suggest that AMM developers should promote an arbitrage-friendly environment rather than trying to prevent arbitrage.

This paper develops a duopoly model for user-generated content (UGC) platforms, which compete for consumers and content producers in two-sided markets characterized by network externalities. Each platform has the option to invest in a content quality assurance (CQA) system and determine the level of advertising. Our model reveals that network effects are pivotal in shaping the platforms’ optimal strategies and user behavior, specifically in terms of single vs. multi-homing. We find that when network effects for producers are weak, consumers tend to engage in multi-homing while producers prefer single-homing. Conversely, strong network effects lead to the opposite behavior. Furthermore, our model demonstrates that user behavior and network effects dictate whether a platform is incentivized to incorporate advertisements and/or invest in CQA. Generally, weak network effects prompt a platform to invest in a CQA system, unless both consumers and producers engage in multi-homing. Our model’s results highlight the importance for platform companies to evaluate the extent of network effects on their platform in order to anticipate user behavior, which subsequently informs the optimal CQA and advertising strategy.

Stablecoins have gained significant popularity recently, with their market cap rising to over $180 billion. However, recent events have raised concerns about their stability. In this paper, we classify stablecoins into four types based on the source and management of collateral and investigate the stability of each type under different conditions. We highlight each type's potential instabilities and underlying tradeoffs using agent-based simulations. The results emphasize the importance of carefully evaluating the origin of a stablecoin's collateral and its collateral management mechanism to ensure stability and minimize risks. Enhanced understanding of stablecoins should be informative to regulators, policymakers, and investors alike.

Purpose: Previous research indicates gender discrimination in leadership positions. However, performance and not gender should be the key indicator when evaluating a leader. We examine the performance effect of changing from a female to a male coach and vice versa. Methodology: We analyze 1,093 Billie Jean King Cup singles matches from 2006 to 2016, with the match result as the dependent variable. First, we examine the very short-term effects arising from the change of a coach with a regression discontinuity design. Second, we evaluate the short-, medium-, and long-term performances. Findings: The results show that the gender of the new coach has no significant effect on performance. However, when a female coach succeeds another female coach, performance improves. This provides an argument in favor of female leadership. Practical Implications: Team managers should primarily focus on the quality of the coach instead of gender. The results also suggest that a continuum of female leadership is likely advantageous. Research Contribution: This paper contributes to the debate regarding the misrepresentation of women as head coaches and offers an avenue for further research. ARTICLE HISTORY

Whether one looks at revenue, investment or coverage, men’s sports do better than women’s. Many assume that absolute differences in quality of athletic performance are the driving force. However, the existence of stereotypes should alert us to another possibility: gender information might influence perceived quality. We perform an experiment in which 613 participants viewed clips of elite female and male soccer players. In the control group, participants evaluated unmodified videos where the gender of the players is clear to see. In the treatment group, participants evaluated the same videos but with gender obscured by blurring. Using a regression analysis, we find that participants rate men’s videos higher – but only when they know they are watching men. When blurring obscures the gender, ratings for female and male athletes do not differ. We discuss implications for research and the sports industry.

We use three natural field experiments to examine anti-Semitism in Italy by sending email inquiries to amateur football clubs, landlords, and employers and comparing the response rates to emails sent with Jewish- and non-Jewish-sounding names. Italy is an interesting country as discrimination was heterogeneous and geographically unevenly distributed during World War II. We analyze if today's anti-Semitism in Italy is geographically correlated to the deportations and killings of Jews during the Holocaust. The results show significant discrimination when looking for football club and an apartment, but not when seeking a job. We find markedly different results for women. Comparing areas with different societal and economic implications provides us with a more informed perspective about the extent of discrimination.