For more than 30 years, the world's main indices for oil prices – WTI in the US and Brent in Europe – have moved in sync. This changed dramatically in 2011, when WTI started trading at a considerable discount to Brent for almost five years. This disparity violated the “law of one price”...

Automated high frequency trading (HFT) has grown tremendously in the past twenty years and is responsible for about half of all trading activities at stock exchanges worldwide. Geography has been absolutely central to the rise of HFT due to a market design of ‘continuous trading' that allows...

Environmental, social, and governance or ESG investing has experienced a massive inflow of funds in recent years. Given the emphasis on ESG in the media and among the finance community one could easily believe that capital markets are a major contributor to the goal of limiting global warming....

Traditionally, financial centres were held together be the need to be located in the proximity of physical exchanges. However, given the rise of information and communication technologies these quot;anchorsquot; have increasingly been lifted, with telling consequences for second-tier financial...

This paper explores the opportunities for existing Indian IT clusters to upgrade and undertake financial research activities. Wholesale financial activity and the accompanying financial research in banks are still highly concentrated in Western financial centers. Increasing competition in the...

Disruptive innovation often requires new, autonomous entities that are supported by (Corporate) Venture Capital. Although China has become the second-largest Venture Capital (VC) market in the world, knowledge about Chinese CVC remains underdeveloped and lacks academic attention despite its...

National borders continue to be strong barriers for mergers and acquisitions in Europe. Using regional data, we construct a gravity model and find that the restraining impact of national borders decreased by more than 20 percent between 1991 and 2007. However, no significant change has occurred...

Private Equity ist außerhalb des Fachpublikums von vielen Mythen und Missverständnissen umgeben. Dies fängt bereits bei der Funktionsweise und Größe des Sektors an, aber auch über die Profitabilität und die Gebührenstruktur von Private Equity Gesellschaften gibt es falsche Vorstellungen....

This paper traces the location of foreign banks in Germany from 1949 to 2006. As suggested by new economic geography models we find a 'u'-shaped concentration of foreign banks in Germany. Only after a competition between several cities, Frankfurt has emerged as the pre-eminent financial centre,...