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
Carmelo Latino, Loriana Pelizzon, Max Riedel, Yue Wang Mutual Funds’ Appetite for Sustainability in European Auto ABS
SAFE Working Paper No. 448
Financial Markets SAFE Working Paper 2025
Loriana Pelizzon, Marti Subrahmanyam, Davide Tomio Central Bank-Driven Mispricing
Journal of Financial Economics
Financial Markets, Macro Finance Published Paper 2025
Michele Costola, Katia Vozian Pricing Climate Transition Risk: Evidence from European Corporate CDS
Energy Economics
Financial Markets Published Paper 2025
Florian Heider, Vincent R. Lindner, Loriana Pelizzon, Tobias Tröger Europäische Finanzintegration: Deutschlands Verantwortung und die Notwendigkeit zu handeln
Policy Letter No. 108
Financial Intermediation, Financial Markets Policy Paper 2025
Carmelo Latino, Loriana Pelizzon, Max Riedel How to Green the European Auto ABS Market? A Literature Survey
European Financial Management
Financial Markets Published Paper 2025
Rainer Haselmann, Florian Heider, Loriana Pelizzon, Michael Weber Key challenges for monetary policy
Policy Letter No. 106
Financial Intermediation, Financial Markets Policy Paper 2025
Lars Hornuf, Paul P. Momtaz, Rachel Nam, Ye Yuan Cybercrime on the Ethereum Blockchain
SAFE Working Paper No. 444
Financial Markets SAFE Working Paper 2025
Sante Carbone, Margherita Giuzio, Sujit Kapadia, Johannes Sebastian Krämer, Ken Nyholm, Katia Vozian The Low-Carbon Transition, Climate Commitments and Firm Credit Risk
SAFE Working Paper No. 442
Financial Markets SAFE Working Paper 2025
Mario Bellia, Loriana Pelizzon, Marti Subrahmanyam, Darya Yuferova Market Liquidity and Competition Among Designated Market Makers
Management Science
Financial Markets Published Paper 2025
Emanuel Moench, Loriana Pelizzon, Michael Schneider, Calebe de Roure OTC Discount
forthcoming in Management Science
Financial Markets, Data Center Published Paper 2025

Current Research Team

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