This paper investigates the impact of the opening of US stock markets on the German stock market. Quantiles of the Samp;P 500 return distribution are used to distinguish good, bad, and no news days. We find that the German market reacts to the US news announcements which typically precede the...

Gold, U.S. and German government bonds, the Swiss franc and the U.S. dollar and, more recently, Bitcoin are frequently labeled safe havens. This paper proposes a safe haven index (SHI) to benchmark safe haven assets and demonstrates that the SHI exhibits positive returns and increased volatility...

We analyze liquidity provision on Kraken, one of the major cryptocurrency exchanges, and compare the results to the foreign exchange (FX) and the stock market, recognizing that Bitcoin has originally been designed as a digital currency and evolved to an investment. In a first step, we...