Similar Search Results

Informationsbasierter Aktienhandel über IBIS

Grammig, Joachim; Schiereck, Dirk; Theissen, Erik - 1999

Kursänderungen auf Aktienmärkten können informationsinduziert durch neu zu verarbeitende Informationen oder liquiditätsinduziert durch kurzfristige Angebots- bzw. Nachfrageüberhänge auftreten. Diese zwei so unterschiedlich verursachten Kursreaktionen sind in empirischen Untersuchungen nur...

Persistent link: https://www.econbiz.de/10005840371

Der Neue Markt: Eine Bestandsaufnahme

Theissen, Erik - 1998

Der Neue Markt soll wachstumsorientierten Unternehmen den Zugang zur Börse eröffnen. Diefür dieses Marktsegment neu geschaffene Institution des Betreuers soll Vorbildcharakter fürandere Marktsegmente haben. In der vorliegenden Arbeit werden Vor- und Nachteile desBetreuer-Konzeptes...

Persistent link: https://www.econbiz.de/10005840397

Who Knows What When? - The Information Content of Pre-IPO Market Prices

Löfffler, Gunter; Panther, Patrick F.; Theissen, Erik - 2002

To resolve the IPO underpricing puzzle it is essential to analyze who knows what when during the issuing process. In Germany, broker-dealers make a market in IPOs during the subscription period. We examine these pre-issue prices and find that they are highly informative. They are closer to the...

Persistent link: https://www.econbiz.de/10005844556

Does Anonymity Matter in Electronic Limit Order Markets?

Foucault, Thierry; Moinas, Sophie; Theissen, Erik - 2005

is based on a model of limit order trading in which traders have information on future price volatility. As limit orders …

Persistent link: https://www.econbiz.de/10005854126

Is Best Really Better? Internalization in Xetra BEST

Grammig, Joachim; Theissen, Erik - 2005

Xetra BEST, operated by Deutsche Börse AG as a part of the Xetra trading system, allows participating banks and brokers …

Persistent link: https://www.econbiz.de/10005854147

One for the money, two for the show? The number of designated market makers and liquidity

Theissen, Erik; Westheide, Christian - 2022

Prior research has established that the presence of designated market makers (DMMs) in an electronic open limit order book increases liquidity. We analyze whether the presence of additional DMMs results in a further improvement in liquidity. Using data from Deutsche Börse's Xetra system we find...

Persistent link: https://www.econbiz.de/10013454739

Was leisten die Kursmakler?

Freihube, Thorsten; Kehr, Carl-Heinrich; Krahnen, Jan P.; … - In: Kredit und Kapital 32 (1999) 3, pp. 426-460

trading is substantial. The trades they make for their own accounts account for over 20 % of the volume in the batched … auctions and for over 40 % of the volume in the continuous trading session. It is also shown with regard to the latter that … which stock trading should be organized in Germany are discussed. …

Persistent link: https://www.econbiz.de/10014521812

Internalisierung und Marktqualität: Was bringt Xetra Best?

Theissen, Erik - In: Kredit und Kapital 35 (2002) 4, pp. 550-571

Die Deutsche Börse AG plant, im September 2002 ein als Xetra Best bezeichnetes System einzuführen, das es Banken und Brokern erlaubt, Aufträge von Privatanlegern zu internalisieren, also selbst als Gegenpartei dem Kunden gegenüber aufzutreten. Zudem soll die Möglichkeit geschaffen werden,...

Persistent link: https://www.econbiz.de/10014522338

Time and the price impact of a trade: A structural approach

Grammig, Joachim G.; Theissen, Erik; Wünsche, Oliver - 2011

conclude that times when markets are most active are times when there is an increased presence of informed trading. Our … Pfleiderer's (1988) rational expectations model, and also with models of dynamic trading like those proposed by Parlour (1998 …

Persistent link: https://www.econbiz.de/10010308551

Is BEST really better? Internalization of orders in an open limit order book

Grammig, Joachim G.; Theissen, Erik - 2011

This paper studies the market quality of an internalization system which is designed as part of an open limit order book (the Xetra system operated by Deutsche Börse AG). The internalization sys-tem (Xetra BEST) guarantees a price improvement over the inside spread in the Xetra order book. We...

Persistent link: https://www.econbiz.de/10010308563

1
2
3
4
5
6
7
8
9
Next
Last