This papers studies the impact of a financial transactions tax on the trading volume and asset price volatility in a model with heterogeneous beliefs. To model heterogeneous beliefs we follow Kurz (1994, 1997) and restrict the class of beliefs to the subset of rational beliefs. We study a tax...

In this paper we study the effects of financial integration on risk-sharing. Conventional macroeconomic theory suggests that the integration of financial markets improves welfare. In contrast to the literature we assume that households have heterogeneous beliefs. Because of the differences in...

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....

Clusterpolitische Aktivitäten liegen in Deutschland und Europa im Trend. Sie sollen die regionale Ballung der Wirtschaft fördern und Kooperationen zwischen Unternehmen sowie mit Forschungseinrichtungen stärken. Die Schlagworte des Spitzenclusterwettbewerbs des Ministeriums für Bildung und...

This paper investigates both the no-arbitrage condition and the efficiency of financial markets by comparing two stock markets: the New York Stock Exchange (NYSE) and the German Exchange Electronic Trading System (XETRA). We analyze German stocks that are traded simultaneously at both exchanges...

This paper investigates the processing of repeated complex information. The focus of this study is, whether additional information and the introduction of performance-based payoffs have an influence on judgement. Therefore, an experiment is designed to investigate the degree of precision and...