We develop a new likelihood-based approach to sign trades in the absence of quotes. It is equally efficient as existing MCMC methods, but more than 10 times faster. It can deal with the occurrence of multiple trades at the same time, and noisily observed trade times. We apply this method to a...

In their seminal paper French and Roll (1986) postulate that public information affects prices before anyone can trade on it. In contrast, several models assuming heterogeneous investors show that public news releases are directly followed by high trading volume. Empirical evidence on this...

The disclosure requirements for firms issuing equity on German crowdinvestingplatforms are quite lax at the moment. This paper states that this loose requirement policy is not optimal in the presence of competition among platforms. First, a simple three-staged theoretical model is derived to...

On crowdinvesting-platforms, non-publicly traded companies can offer equity to private investors. Currently, platforms like Crowdcube.com in Great Britain or Seedmatch.de in Germany are using a mechanism for the allocation of available shares best described by the phrase first come, first...

A number of recent theoretical studies have explored trading in fragmented markets, e.g. Biais etal. (2000), a phenomenon increasingly witnessed in modern markets. The key assumptiongenerating the results is that there is at least one liquidity demander exploiting access to allmarkets by...

Verbraucher und Verbraucherinnen gehen in der Regel davon aus, dass sie beim Kauf von Groß- bzw. Familienpackungen einen Mengenrabatt bezogen auf den Grundpreis (Preis pro Mengeneinheit) erhalten. Diese Regel trifft auch bei der Mehrzahl der am Markt angebotenen Waren zu. Allerdings zeigten...

Numerous studies have shown that educational attainment and labour force status have a strong impact on the timing of family formation for both men and women. The effects of educational level, enrolment in an educational setting and employment seem to be different for men and women. The aim of...

Micro-level relationships between union formation or dissolution and childbearing have implications for fertility that have not been thoroughly examined. In this paper, we suggest that these relationships comprise an 'engine' that produces variation and change around replacement level fertility....