We examine algorithmic trades (AT) and their role in the price discovery process in the 30 DAX stocks on the Deutsche Boerse. AT liquidity demand represents 52% of volume and AT supplies liquidity on 50% of volume. AT act strategically by monitoring the market for liquidity and deviations of...

How information is translated into market prices is still an open question. This paper studies the impact of newswire messages on intraday price discovery, liquidity, and trading intensity in an electronic limit order market. We take an objective ex ante measure of the tone of a message to study...

We examine empirically the role of high-frequency traders (HFTs) in price discovery and price efficiency. Based on our methodology, we find overall that HFTs facilitate price efficiency by trading in the direction of permanent price changes and in the opposite direction of transitory pricing...

The energy sector will undergo fundamental changes over the next ten years. Prices for fossil energy resources are continuously increasing, there is an urgent need to reduce CO2 emissions, and the United States and European Union are strongly motivated to become more independent from foreign...

The rise of Software as a Service (SaaS) composition platforms and so called Compute Clouds demonstrates the growing demand for the agile composition of Web Services. In order to facilitate the composition of services and value-creation, service providers need to collaborate. This collaboration...

The fundamental paradigm shift from traditional value chains to agile service value networks implies new economic and organizational challenges. As coordination mechanisms, auctions have proven to perform quite well in situations where intangible and heterogeneous goods are traded. Nevertheless,...

Macroeconomic forecasts are used extensively in industry and government even though the historical accuracy and reliability is questionable. We design a market for economic derivatives that aggregates macro-economic information. The market generated forecasts compare well to the Bloomberg-...