Robo-advisors promise efficient, rational, and transparent investment advisory. We analyze how robo-advisors determine their users' risk tolerance and which equity exposure is derived from the individual risk profile. Our findings indicate significant differences in the quality of offered...

Cryptocurrencies are a new emergence at the intersection of technology and finance. It is therefore of particular interest whether cryptocurrencies can form a new asset class or need to be subsumed under an existing one. We find that cryptocurrencies show characteristics of a distinct asset...

Using tick-level bitcoin data from February 2013 to April 2018, we show significant arbitrage spreads between global bitcoin markets. Spreads follow multiple consistent patterns. Minimum and maximum prices show significant clustering. Spreads increase during the early hours of a day (according...

Since duration works best for only small changes of the interest rate, convexity helps to improve the estimation accuracy. Traditionally, convexity is displayed with a formula, which depends on the number of outstanding payments. Closed-form solutions do exist, typically building on the work of...

English Abstract: FinTechs aim to revolutionize the traditional banking sector. However, it is unlikely that they will develop large disruptive potential in Germany. The New Institutional Economics helps to predict in which banking divisions FinTechs are more likely to succeed. If the start-ups...

Die Digitalisierung unserer Gesellschaft bedeutet für den Einzelhandel und unsere Städte einen tiefgreifenden Umbruch. Viele Menschen nutzen das Internet inzwischen regelmäßig für ihren Einkauf. Weiterhin hohe Wachstumsraten sprechen für eine anhaltende Dynamik bei der Verbreitung auch in...

Part I. The Status Quo of Robo-Advisory -- Chapter 1. Robo-Advisory: The Rise of the Investment Machines; Peter Scholz and Michael Tertilt -- Chapter 2. Situating Robo-Advisory; Sinan Krueckeberg -- Part II. The Implementation of Robo-Advisory -- Chapter 3. Risk Preferences of Investors; Monika...

The often reported empirical success of trend-following technical timing strategies remains to be puzzling. In previous academic research, many authors admit some prediction power but struggle to substantiate their findings by referring vaguely to insufficient market effciency or unknown hidden...