Showing 1 - 10 of 54
Persistent link: https://www.econbiz.de/10001564581
This paper sheds new light on a long-standing puzzle in the international finance literature, namely, that exchange rate expectations appear inaccurate and even irrational. We find for a comprehensive dataset that individual forecasters' performance is skill-based. 'Superior' forecasters show...
Persistent link: https://www.econbiz.de/10010264610
This paper describes and analyzes the implementation of a crawling exchange rate band on an electronic trading platform. The placement of limit orders at the central bank's target rate serves as a credible policy statement that may coordinate beliefs of market participants. We find for our...
Persistent link: https://www.econbiz.de/10010275802
This work extends earlier survey studies on the use of technical analysis by considering flow analysis as a third form of information production. Moreover the survey covers FX dealers and also the rising fund managers. Technical analysis has gained importance over time and is now the most...
Persistent link: https://www.econbiz.de/10010317611
This paper provides questionnaire evidence on the role of flow analysis for professional traders and fund managers. This evidence suggests that besides fundamental information and technical analysis, the analysis of flows provides an independent third type of information for professionals. The...
Persistent link: https://www.econbiz.de/10010317624
The Tobin tax is in high demand for many groups. Despite its popularity, research has not yet made full use of available insights from the recent microstructure literature. The role of banks in foreign exchange trading is quite different from what proponents usually assume. The most probable...
Persistent link: https://www.econbiz.de/10010317628
This study examines profits and speculation in the USD/EUR trading of a bank in Germanyover a four-month period. Dealing activity at the bank generates profits but speculation doesnot seem to contribute to this. We find that speculative positions fail to become profitablewithin a 30-minutes'...
Persistent link: https://www.econbiz.de/10005867502
Persistent link: https://www.econbiz.de/10003758313
This study examines profits and speculation in the USD/EUR trading of a bank in Germany over a four-month period. Dealing activity at the bank generates profits but speculation does not seem to contribute to this. We find that speculative positions fail to become profitable within a 30-minutes'...
Persistent link: https://www.econbiz.de/10003327198
Persistent link: https://www.econbiz.de/10003357659