Financial Markets

The Financial Markets department examines the functioning, resilience, and change of financial markets, which today are essentially determined by exogenous and endogenous shocks, risk spillovers (e.g., due to the Corona pandemic, the Ukraine war, and the 2023 banking stress), monetary policy, technology, and regulation. This raises research questions about the consequences for asset pricing, competition, secondary market liquidity, market stability, systemic and country risk, and consumer protection. Specific regulatory measures such as the EU's Markets in Financial Instruments Directive (MiFID II), the European Market Infrastructure Regulation (EMIR), the Sustainable Finance Disclosure Regulation (SFDR) or secular trends such as demographic change or climate change affect the functioning of markets or the investment decisions of investors and are therefore also the subject of research in the department. The same applies to new digital developments such as FinTechs, BigTechs and recent developments in artificial intelligence, crypto assets or blockchain technology, which could disrupt the functioning of financial markets and contribute to systemic and sovereign risks, as well as the new EU regulation on crypto assets (MiCA), which aims to improve investor protection.


The department is (co-)organizing the following conference series:


Publications

Author/s Title Area Type Published
K. Valerie Carl, Oliver Hinz, Cristina Mihale-Wilson, Jan Zibuschka A Consumer Perspective on Corporate Digital Responsibility: An Empirical Evaluation of Consumer Preferences
Journal of Business Economics
Financial Markets Published Paper 2024
Nikolai Badenhoop, Max Riedel Reforming EU Car Labels: How To Achieve Consumer-Friendly Transparency?
SAFE Working Paper No. 433
Law and Finance, Financial Markets SAFE Working Paper 2024
Otmar Issing Ökonomie in Zeiten fundamentalen Wandels
Policy Letter No. 104
Financial Markets Policy Paper 2024
Ulrich Gnewuch, Oliver Hinz, Ralf Kellner, Stefan Morana, Alexander Mädche More than a Bot? The Impact of Disclosing Human Involvement on Customer Interactions with Hybrid Service Agents
Information Systems Research
Financial Markets Published Paper 2024
Satchit Sagade, Stefan Scharnowski, Erik Theissen, Christian Westheide A Tale of Two Cities – Inter-Market Latency and Fast-Trader Competition
SAFE Working Paper No. 430
Financial Markets SAFE Working Paper 2024
Matteo Bagnara The Economic Value of Cross-Predictability: A Performance-Based Measure
SAFE Working Paper No. 424
Financial Markets SAFE Working Paper 2024
K. Valerie Carl, Oliver Hinz, Patrick Weber Applications of Explainable Artificial Intelligence in Finance – A Systematic Review of Finance, Information Systems, and Computer Science Literature
Management Review Quarterly
Financial Markets Published Paper 2024
Mila Getmansky Sherman, Christian Kubitza, Loriana Pelizzon Loss Sharing in Central Clearinghouses: Winners and Losers
The Review of Asset Pricing Studies
Financial Markets, Systemic Risk Lab Published Paper 2024
Fincap Team Non-Standard Errors
The Journal of Finance
Financial Markets Published Paper 2024
Mario Bellia, Giulio Girardi, Roberto Panzica, Loriana Pelizzon, Tuomas A. Peltonen The Demand for Central Clearing: To Clear or Not to Clear, That is the Question!
Journal of Financial Stability
Financial Markets Published Paper 2024

Current Research Team

Researcher Position
Billio, Monica SAFE Fellow
Branger, Nicole SAFE Fellow
Curatola, Giuliano SAFE Fellow
Damm, Cara Maria Doctoral Student
Fitzpatrick, Aoife Doctoral Student
Gastaldello, Alessandro Postdoctoral Researcher
Gomber, Peter SAFE Fellow
Hinz, Oliver Professor
Knetsch, Andreas Postdoctoral Researcher
Kraft, Holger SAFE Fellow
Latino, Carmelo Postdoctoral Researcher
Lucke, Konrad Doctoral Student
Maddaloni, Angela SAFE Fellow
Pelizzon, Loriana Professor
Riedel, Max Postdoctoral Researcher
Schlag, Christian Professor
Schmeling, Maik SAFE Fellow
Shaliastovich, Ivan SAFE Fellow
Subrahmanyam, Marti SAFE Fellow
Theissen, Erik SAFE Fellow
Vozian, Katia Postdoctoral Researcher
Wang, Yue Doctoral Student