|Forscher:||Alejandro Bernales, Jasmin Gider, Peter Gomber, Martin Haferkorn, Satchit Sagade, Stefan Scharnowski, Simon N. M. Schmickler, Erik Theissen, Christian Westheide|
This subproject is concerned with the effects of the entry of new competitors on characteristics of secondary equity markets. These new entrants benefit from their superior ability to exploit technological innovations as compared to incumbent investment firms. The characteristics under study, liquidity and information efficiency, are the two major qualities of secondary markets. These two characteristics are naturally interlinked. Liquidity affects the transaction costs associated with all investors, as well as the ability of fundamental investors to benefit from private information. Information efficiency, which is affected by the latter, is crucial for firms’ ability to use market prices in decision-making.
|Martin Haferkorn||High-Frequency Trading and its Role in Fragmented Markets|
Journal of Information Technology
|2017||Financial Markets||Eelectronic market hypothesis, High-frequency trading, Market efficiency, Regulation, Securities trading|
|248||Jasmin Gider, Peter Gomber, Simon N. M. Schmickler, Christian Westheide||High-Frequency Trading and Price Informativeness||2019||Financial Markets||High-Frequency Trading, Price Efficiency, Information Acquisition, Information Production|