Die Blockchain-Technologie wurde 2009 als technologische Basis der Kryptowährung Bitcoin erstmals implementiert. Ihr wird das Potential nachgesagt, eine disruptive Technologie zu sein, die zu nachhaltigen Veränderungen in vielen Bereichen des Wirtschaftslebens führen kann. In diesem Beitrag...

We conduct the most extensive study of underpricing in the euro area bond market so far and find strong evidence of underpricing. In cross-sectional regressions we find patterns that are consistent with bookbuilding-based theories of underpricing and inconsistent with liquidity-based...

A maker fee is the fee charged to submitters of limit orders that execute. This could increase the cost of supplying liquidity and be reflected in bid-ask spreads and prices more generally. We analyze the introduction of maker fees on Coinbase Pro, a leading cryptocurrency exchange. We perform a...

This paper reports the results of 18 market experiments that were conducted in order to compare the call market, the continuous auction and the dealer market. The design incorporates asymmetric information but guarantees that the ex-ante quality of the private signals of all traders is...

This paper investigates experimentally whether certainty equivalents (CE) can be useful indicators for an individual's risk attitude. It is found that the reliability of this indicator (i.e. of a CE elicited by a Vickrey auction) is rather low. The possibility that the Vickrey auction mechanism...

Before June 1999, Deutsche Borse AG published two parallel index values, one calculated from floor prices and the other from Xetra prices. Since 1999, Deutsche Borse has calculated the DAX blue-chip index and the MDAX mid-cap index using only the prices of the electronic trading system Xetra....

Easley et al. (1996) have proposed an empirical methodology to estimate the probability of informed trading (PIN). This approach has been employed in a wide range of applications in market microstructure, corporate finance, and asset pricing. To estimate the model, a researcher only needs the...

Easley et al. (1996) have proposed an empirical methodology to estimate the probability of informed trading (PIN). This approach has been employed in a wide range of applications in market microstructure, corporate finance, and asset pricing. To estimate the model, a researcher only needs the...

German Abstract: Mit dem umstrittenen Urteil des Bundesgerichtshofs im Frosta-Fall kam es im Oktober 2013 zu einer drastischen Änderung der Regeln für ein Delisting. Die bis dahin durch höchstrichterliche Rechtsprechung vorgeschriebene Zustimmung durch die Hauptversammlung sowie der...