This paper provides evidence that informed traders dominate the response of limit-order submissions to shocks in a pure limit-order market. In the market we study, informed traders are highly sensitive to spreads, volatility, momentum and depth. By contrast, uninformed traders are relatively...

»Deflation«, »Kreditklemme« und »Bankenkrise« waren die Schlagworte in derFinanzpresse des Jahres 2003. Insbesondere hier zu Lande wurde über Monate in den Medien davon gesprochen, dass sich Deutschland in der japanischen Malaise befände. In ihrem Beitrag gehen Prof. Dr. Stephan Paul,...

Misselling is the sale of financial services that do not meet the needs of consumers or in the manner or the way they are sold, which is not appropriate to the nature of those services. The first aim of this article is to characterise the misselling phenomenon and present the most important...

This article aims at presenting a tool to identify issues to improve the consistency of the financial and non-financial accounts by institutional sectors. The international statistical standards clearly relate property income and financial assets categories. It is thus possible to derive...

In this article we present the development of a tool that can serve most official statistics. This tool is fully interactive and based mostly on visualisations, which makes it a powerful ally to validate or analyse data. To make our tool a pragmatic solution in an era facing ever larger volumes...

This paper presents a competitive search model focusing on the impact of asymmetric information on credit markets. We show that limited entry by lenders results in endogenous credit rationing, which, in turn, plays a key role in managing adverse selection and prevents the credit market from...

The coronavirus disease (COVID-19) pandemic profoundly impacted people's lives, social activities, and businesses. It particularly affected micro, small, and medium-sized enterprises (MSMEs), which account for the vast majority of firms and most of the labor force. Compared to larger firms,...

Building on the assumption that intangible and tangible corporate resources are indispensable to create and sustain firm value in today's knowledge-driven economy; this paper empirically examines the determinants and consequences of disruptive innovations in the context of the UK financial...

Since the March 2023 banking turmoil, a policy debate has emerged concerning the unprecedented scale and speed of the observed deposit outflows. Have recent stress episodes and developments in technology structurally changed depositors' behaviour? Are the Basel III liquidity coverage ratio (LCR)...

Financial losses can have persistent effects on the financial sy stem. This paper proposes an empirical measure for the duration of these effects, S pillover P ersistence. I d ocument that Spillover Persistence is strongly correlated with financial c onditions; d uring b anking crises, Spillover...