Rieger, Jörg; Rüchardt, Kirsten; Vogt, Bodo - In: Eurasian Economic Review 1 (2011) 2, pp. 126-142
This paper investigates both the no-arbitrage condition and the efficiency of financial markets by comparing two stock markets: NYSE and XETRA. We analyze German stocks that are traded simultaneously at both exchanges using high frequency data for XETRA, NYSE, and the foreign exchange rates....