Internal Lunch Seminars

Cryptocurrencies have experienced a tremendous growth in recent years, both in terms of market capitalization and number of existing digital assets. However, the extreme volatility and peculiar market behavior that characterize this asset class represent an obstacle for their adoption among mainstream investment instruments. In this study, we present a simple and effective way to optimize a portfolio of cryptocurrencies based on two conditioning variables whose value can predict the magnitude of price movements in the short-term. We show empirically that our strategy consistently delivers higher risk-adjusted returns and a more desirable wealth dynamics compared both to standard optimal portfolios and to a naive 1/N allocation.

This paper examines the impact of participatory budgeting (PB) on voter turnout in local, regional, and parliamentary elections in the Czech Republic. Using panel data from over 6,200 municipalities between 2009-2022, we employ ordinary least squares regression with fixed effects and an array of control variables to analyze the relationship between PB initiatives and electoral participation. Our findings reveal that PB has a significant and positive effect on voter turnout in local and regional elections, but we found no effect in parliamentary elections. Specifically, PB implementation is associated with a 2.7-3.9 percentage point increase in local election turnout and a 1.5-2.6 percentage point increase in regional election turnout when conducted within two years prior to elections. These effects are most pronounced when PB occurs one year before elections, the effect size and significance decrease with a longer time interval from the election. Our robustness check, which is based on synthetic control method confirms the direction of these effects, albeit with smaller magnitudes and lower significance. The lack of impact on parliamentary elections suggests that PB's influence is primarily localized, while local elections turnout may be fostered by the implementation of PB initiatives to enhance voter participation in local and regional democratic processes.

The integration of robotic services in the hospitality industry has gained significant attention, particularly in the context of safety and hygiene, which have become paramount concerns for tourists in the wake of global health crises. This study investigates the factors influencing tourists' intentions to use hotel service robots, with a focus on perceived safety, health awareness, and service assurance. Drawing on the Theory of Planned Behavior (TPB), the research examines how these factors shape personal engagement and, ultimately, the intention to adopt robotic services in hospitality settings.

Using a purposive sampling technique, data were collected from 275 participants with prior experience in robotic services via the Prolific platform. Structural equation modeling (SEM) was employed to analyze the data, revealing that perceived robotic safety and service assurance significantly positively impact personal engagement. Specifically, guests who perceive robots as safe and reliable are more likely to engage with them, leading to a higher intention to use robotic services. However, health awareness did not show a significant effect on personal engagement, suggesting that while safety and reliability are critical, health-related information may not be a primary driver of engagement with robotic services.

The findings also highlight the mediating role of personal engagement in the relationship between perceived safety, service assurance, and the intention to use robotic services. This underscores the importance of fostering trust and confidence in robotic systems through consistent performance and effective communication of safety features. Notably, female guests exhibited a higher preference for robotic services, indicating potential gender differences in the acceptance of technology in hospitality settings.

This study offers several implications for hoteliers. First, enhancing perceived robotic safety is crucial for increasing guest acceptance. Hoteliers should prioritize clear communication of the security features and capabilities of robots, ensuring guests feel safe and secure during their interactions. Second, investing in high levels of service assurance—such as reliability, responsiveness, and consistent performance—can foster trust and confidence in robotic systems. Regular maintenance, software updates, and staff training are essential to maintaining these standards. Third, hoteliers should implement strategies to enhance personal engagement with robotic services, such as providing interactive features, personalized assistance, and opportunities for guests to learn about and interact with robots. Training staff to effectively assist guests in using these systems can further enhance guest satisfaction and confidence.

This study contributes to the growing body of literature on human-robot interaction by emphasizing the role of perceived safety and service assurance in shaping user attitudes and behaviors. It also offers practical implications for hoteliers, suggesting that investments in reliable and safe robotic systems, coupled with strategies to enhance guest interaction, can significantly improve the adoption of robotic services. Future research should explore these dynamics in diverse cultural contexts and examine the long-term effects of robotic service integration on customer satisfaction and loyalty.