In 2016, the Eurozone is still coping with the consequences of two financial crises that revealed the shortcomings of an incomplete monetary union. The European economy suffered two severe recessions and a sustainable growth path is still elusive. Risks in the banking system and a severe banking...

The Markets in Financial Instruments Directive (MiFID) has changed regulated European equity trading significantly after its introduction in November 2007. This dissertation analyses the impact of MiFID on trading intensity and market quality from an intraday and interday perspective by...

Der vorliegende Artikel analysiert systematisch die Erreichung der MiFID-Ziele anhand der wissenschaftlichen Literatur. Ziel der MiFID ist es, die Rahmenbedingungen für einen effizienten und kostengünstigen Wertpapierhandel zu schaffen. Erreicht werden soll dies durch die Verschärfung des...

Der vorliegende Artikel analysiert systematisch die Erreichung der MiFID-Ziele anhand der wissenschaftlichen Literatur. Ziel der MiFID ist es, die Rahmenbedingungen für einen effizienten und kostengünstigen Wertpapierhandel zu schaffen. Erreicht werden soll dies durch die Verschärfung des...

According to the MiFID, financial intermediaries are requested to assess the suitability of the products they sell to retail clients. One of the main problems in the practical implementation of the MiFID suitability rule stems from omission or impreciseness of the questions specifically...

Der vorliegende Artikel analysiert systematisch die Erreichung der MiFID-Ziele anhand der wissenschaftlichen Literatur. Ziel der MiFID ist es, die Rahmenbedingungen für einen effizienten und kostengünstigen Wertpapierhandel zu schaffen. Erreicht werden soll dies durch die Verschärfung des...

We investigate the effects of fragmentation in equity trading on the quality of the trading outcomes, specifically volatility, liquidity and volume. We use panel regression methods on a weekly dataset following the FTSE350 stocks over the period 2008-2011, which provides a lot of cross-sectional...

We investigate the effects of fragmentation in equity trading on the quality of the trading outcomes, specifically volatility, liquidity and volume. We use panel regression methods on a weekly dataset following the FTSE350 stocks over the period 2008-2011, which provides a lot of cross-sectional...

TARGET2-Securities (T2S) and regulatory changes such as CSDR, MiFID II and EMIR in Europe have created an imminent need for market infrastructure organizations. T2S is expected to change the post-trade market structure in Europe through a series of services that will change the interaction...

We study the role of informed trading in a fragmented financial market under the absence of inter-market price priority. Due to frictions in traders’ market access, liquidity providers on alternative trading platforms may be exposed to an increased adverse selection risk. As a consequence, the...

We study the role of informed trading in a fragmented financial market under the absence of inter-market price priority. Due to frictions in traders’ market access, liquidity providers on alternative trading platforms may be exposed to an increased adverse selection risk. As a consequence, the...

We investigate the effects of fragmentation in equity trading on the quality of the trading outcomes, specifically volatility, liquidity and volume. We use panel regression methods on a weekly dataset following the FTSE350 stocks over the period 2008-2011, which provides a lot of cross-sectional...

Die vorliegende Dissertation umfasst drei Artikel. Im ersten Artikel wird untersucht, welchen Effekt die Ankündigung einer Emission von trust preferred securities, einem hybriden Schuldinstrument, auf die Aktien der emittierenden Bank hat. Die Analyse zeigt, dass der Effekt auf die Aktien der...

en este artículo examinamos la experiencia de las participaciones preferentes, un producto financiero mediante el cual han sido estafadas decenas de miles de familias españolas. Se trata de un activo muy utilizado por las entidades financieras para captar recursos de pequeños ahorradores a...

miles de familias españolas han sido estafadas y han perdido sus ahorros en el proceso que ha conducido a la desaparición de la Caja de Ahorros del Mediterráneo (CAM); a causa de la comercialización masiva de activos financieros complejos como las participaciones preferentes o las cuotas...

The implementation of MiFID has led to a fragmentation of liquidity in European equity trading. We analyze the long-term effects of MiFID on liquidity with a new sample of Swiss stocks and do not find evidence for a worsening of market quality. In contrast, spread and depth measures indicate a...