Behavioral Fintech What behavioral “biases” do these fintechs exploit? (Maximum 100 words).

Foundations of Fintech, Spring 2019: FINAL EXAM Professors DeRose, Bakos, Halaburda Instructions: please read carefully! This is an open book exam but the work should be yours and yours alone. Do not share the exam with anyone outside the class. There are a total of six topics with sub-questions for each. Please make sure to answer each one and the exact question asked. Where indicated you may take either side of the question. Provide supporting evidence. Feel free to use the frameworks, examples, and sources from class throughout the semester, and from your own reading if you wish. Please cite these sources via in-text references (Smith: 2014: 33), and either footnotes or bibliography with the full reference (Smith, Eunice. (2014). Fintech Carrots. New York. Jones Publishing). Please submit it via NYU Classes by midnight (11:55) EST on May 16th. You have one week to complete the exam. (No late submissions, no emails). Please do not exceed the indicated word count; concision is highly appreciated; longer answers will not be read. Please submit only PDFs. Good luck! Your full name and net ID: (xx000) __________________________

2

Fintech startups: Rally Road or Tend? (40 points) Rally Road and Tend “democratize” ownership of classic cars. (Maximum 1000 words for all four questions) Rally Road raised capital through a traditional equity offering. Tend raised capital with an ICO (initial coin offering) also known as a token offering. Rally Road securitizes classic cars. Tend tokenizes partial ownership stakes in classic cars (and other tangible assets). Rally Road uses a partner broker dealer to maintain user account records, linking them to the user’s traditional bank account for payment. Tend uses a partner bank to hold traditiona l currencies that can be exchanged into Tend (“TND”) tokens, and keeps its token and asset records on the blockchain. https://rallyrd.com https://www.tend.swiss

Rally Road Tend Company capital raise VC equity Token (TND) Asset (car) Securitization-Reg. A+

offer, RR marketplace tradable, records maintained by RR

Tokenized via TND, Tend marketplace tradable, records on the blockchain

User investor Brokerage account to hold and trade shares

Custody bank account to hold FX & TND

Physical use of asset? No-RR keeps control Yes-partner administers

1. Which company has the more effective approach to: a) raising capital for the company? b) democratizing asset ownership and facilitating trading? c) maintaining records?
2. Why did Rally Road and Tend make opposite choices about allowing users

physical access to the asset?

1. Which company will be more successful at generating network effects, and why?
2. Why does Tend price its share offerings in Swiss Francs (CHF) instead of in TND?

https://rallyrd.com/
https://www.tend.swiss/
3

Valuation Tech or Fin? Equity Zen (10 points) Equity Zen is a platform that matches buyers and sellers of private company shares. (Maximum 500 words for all three questions) https://equityzen.com

1. Is Equity Zen an example of “regulatory arbitrage”? Please answer yes or no and support your argument.
2. How would you value Equity Zen? Please support your argument with evidence.
3. Based on what you learned in class about unicorn valuation, what advice would

you give to users who are buying private company common shares on the Equity Zen platform?

Fintech Cyber Crime (10 points) Supporters argue that blockchain acts as an effective trust substitute, replacing traditional financial intermediaries with distributed, immutable records maintained with encrypted smart contracts. Does blockchain mitigate the threat of cyber-crime in financial services businesses with “latency” risk? (Latency risk is the difference between clock time and financial transactions time). Please answer yes or no and please support your answer with evidence from financial services use cases and by describing in detail the specific blockchain features that either shrink or magnify latency risk. (Maximum 300 words) Global Fintech and the Robo-apocalypse (10 points) Fintech promises to reduce financial intermediation costs, improving the transparency and accessibility of the financial system. But fintech automation, driven by machine learning algorithms and eventually by artificial intelligence, also introduces new risks, like financial surveillance. Different models are emerging around the world for mitigating this risk. Is fintech innovation an unalloyed benefit for society? Please support your argument with examples. (Maximum 500 words) Law of One Price (10 points) Bitcoin is the definition of an asset that should fulfill the “law of one price,” since it is “by design the same, fully fungible, with identical payoffs and no currency risk” (Kroeger & Sarkar: 2017). Why does bitcoin trade at different prices on different U.S. dollar exchanges? (Maximum 300 words).

https://equityzen.com/
4

Behavioral Fintech What behavioral “biases” do these fintechs exploit? (Maximum 100 words).

1. An app offers NYU students “graduation bonus” incentives with the following choices: 96% chance of a $10,000 bonus, and 100% chance of a $9500 bonus. The NYU student does not want to take chances and chooses the 100% chance of a $9500 bonus.
2. An app sells NYU students “shoe theft” insurance. Expensive shoes have a 5% chance of getting stolen. The average shoe value is $100. The premium charged is $10. The NYU student buys the insurance because she does not want to lose her shoes.

Question Word Count Maximums and Point Values: 3000 words, 100 points Rally Road and Tend: 1000 words, 40 points, 4 sub parts Valuation: 500 words, 20 points, 3 sub parts Cyber Crime: 300 words, 10 points Global Fintech and Robo-apocalypse: 500 words, 10 points Law of One Price: 300 words, 10 points Behavioral Fintech: 100 words, 10 points

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· Where on Earth is the mineral is found and in abundance?

Quick Links

READING ASSINGMENT 2: PICK A MINERAL

There are nearly 4000 identified minerals, and more minerals are found and described each year. Out of these minerals there are only a hundred or so “common” minerals. We rely on these minerals for everything from cell phones to fertilizer. You will be researching a mineral of your choosing for this project. The mineral you choose should be one that interests you but one that has an adequate amount of published information for your research. There are many credible sources available online for you to complete your research, or you can utilize written resources in a library. Do NOT use your textbook as a reference in your citation. This assignment is worth 20 points (15 points for your paper and 5 points for your citation).

The mineral you should be working on this paper is Copper.

FORMAT: Two pages for report plus last page for citations.

Top of page:

· Title (Be creative)

· Your Name

· Date

Introduction paragraph must include why you are interested in the mineral you chose to research.

Three to four paragraphs should include the following.

· Where on Earth is the mineral is found and in abundance?

· List at least one area where your mineral is mined and how it is mined.

· What is the chemical composition of your mineral?

· What are the physical properties of your mineral (explain all that you can find)?

· What your mineral is used for? (Ladies; did you now that the “sparkly” in your makeup comes from mica?)

· Is there any mythology or cultural significance associated with your mineral? (Diamonds are a girls best friend?)

Conclusion paragraph must include what you found most interesting or surprising about your mineral.

Citation page will include sources used for your report.

· Site all sources that you used to research your mineral. Here is a good reference for citing science articles from the internet. http://www.citethisforme.com/guides/science/how-to-cite-a-website

Please have fun with this assignment and DO NOT plagiarize.

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Response To Jordan

Unfortunately, public administration is intertwined with politics and the idea of federalism. “The two have had a reciprocal effect on one another. The administration of national government programs requires recognition of, and accommodation to, the existence, prerogatives, and preferences of states and localities…at the same time, the growth of bureaucracy…has helped to reshape the federal system” (Milakovich & Gordon, 2013, p.100). They have huge impacts on one another that can affect the foundation of their existence and what type of mission public administration and politics have moving forward. It is therefore very easy for politics to have a significant negative impact on public administration. “Another important dimension of administrative organization is the political setting in which agencies operate; at the same time, structural arrangements can have significant political implications for administrative agencies” (Milakovich & Gordon, 2013, p.24). The adverse effect that politics can have on public administration can be seen in the elections of several presidents.

        Many politicians have successfully run against the bureaucracy, demanding changes and promising to clean up bureaucracy in Washington.  “Many politicians have run successfully “against” the bureaucracy: In 1976, Jimmy Carter promised to “clean up the bureaucratic mess in Washington”; in 1980, Ronald Reagan promised to “get the federal government off your backs”; in 1996, Bill Clinton declared prematurely that “the era of Big Government is over” (Milakovich & Gordon, 2013, p.5).  The idea of bureaucracy being in turmoil is the opinion of one person and temporary, as the maximum a person can hold the position of president is 8 years.  That being said, public administration has the potential to be in a constant position of change, varying with each presidential term.  Politicians are consistently criticizing bureaucracy as they are attempting to find scapegoats for governmental issues and demanding reform. 


        Current administrative practices reflect this idea of intertwining politics and public administration because most presidential platforms depend on this relationship.  Presidents need the bureaucracy to achieve certain goals and after promising to reform public administration within Washington, they almost completely rely on it to meet political missions.  “Chief executives at all levels of government are elected by making similar promises and increasing bureaucracy to achieve them; ultimately, they are judged by the voters on their ability to fulfill those promises” (Milakovich & Gordon, 2013, p.5).  President Barack Obama almost entirely relied on the bureaucracy to achieve most of his economic and job growth goals.

Charles Goodsell is a scholar that discusses public administration in depth, claiming most public administrations have not earned the criticism they receive. “The essence of his argument is that, despite shortcomings inevitably found in all complex organizations, America’s government bureaucracies perform quite well” (Milakovich & Gordon, 2013, p.10). James Q. Wilson is a second scholar that introduces the idea of clientelism, referring to the relationship between each government agency and the pattern in relation to economic groupings. He referred to another scholar’s work, during his studies as well. “Richard L. Schott, who noted that ‘whereas earlier departments had been formed around specialized governmental functions…the new departments of this period – Agriculture, Labor, and Commerce – were devoted to the interests and aspirations of particular economic groups’” (Milakovich & Gordon, 2013, pp. 31-32). Frank Goodnow also made huge strides for the study of public administration with the publishing of his book Politics and Administration in 1900 and introduced the idea of politics-administration dichotomy based largely on the writings of Woodrow Wilson (Milakovich & Gordon, 2013). F.W Willoughby, author of Principles of Public Administration (1927), and joint authors of Papers on the Science of Administration (1937) Luther Gulick and Lyndall Urwick discussed the vital idea of discovering fundamental principles within public administration. This idea “was based on the believe that there existed certain permanent principles of administration that, if they could only be discovered and applied, could transform the performance of administrative tasks” (Milakovich & Gordon, 2013, p.40).

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Document Description

Approximately 12 page paper with references in APA format, 3,837 words. This paper is for MSN 834 (Nursing Theory in Practice) part of the Master’s of Science in Nursing program. Abstract:
…there are many venues from hospitals to clinics healthcare can be sought, the ultimate goal is achieving health. Orem’s self-care deficit appears to work well from the emergency department through inpatient stays. ….Peplau’s interpersonal relations theory provides more of a system of treatment and relationship building. By following this model, a working relationship with quality communication facilitates guidance through specific stages toward a goal set by nurse and patient collaboration. Using this goal makes the most of the primary care setting and facilitates an ongoing relationship where both the patient and nurse can grow from the combined experience. The purpose of this paper is to apply both theories to applicable settings, as well as expand ideas in utilizing Peplau’s theory…

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