Annual Report 2018

posted Feb 4, 2019, 6:50 AM by Graz FinanceResearch

Annual Report 2018 cover
The past year was again a very active one for our research platform. 
We have unveiled a new event format, the FiRe lecture, have welcomed new members, a number of papers have been published, and we have had excellent research days. Consequently, we are proud to present our Annual Report 2018 to all readers.

Robert Merl joins research platform

posted Jan 2, 2019, 6:26 AM by Graz FinanceResearch

Robert Merl recently joined the research platform as a PhD student under the supervision of Stefan Palan. Robert is designing experiments studying the effects of insider trading and its regulation on indicators of market quality, like bid-ask spreads, price efficiency and trading volume. His work is part of a larger project, funded by the Oesterreichische Nationalbank Anniversary Fund and undertaken together with the principal investigator 
Thomas Stöckl (MCI Management Center Innsbruck).

When he is not working on his PhD, Robert is a professional in orienteering, where he competes for Austria in singles and team events.

Josef Fink joins research platform

posted Dec 17, 2018, 1:28 AM by Graz FinanceResearch   [ updated Dec 17, 2018, 1:29 AM ]

Josef Fink took a leave of absence from his job in top management consulting to start working on his PhD in the fall of 2018. Together with this two supervisors, platform members Stefan Palan and Erik Theissen, Josef works on lab experiments studying  the Post-Earnings-Announcement drift, the phenomenon that stock prices tend to exhibit momentum following positive and negative earnings surprises. He plans to run his first experiments in the first half of 2019 and will report on the findings in one of the research days in the same year.

Michael Kirchler gives first FiRe Lecture

posted Dec 14, 2018, 12:34 AM by Graz FinanceResearch   [ updated Dec 14, 2018, 12:46 AM ]

Starting a new event format, the FiRe platform held its first FiRe Lecture on December 12, 2018. Our lecturer, Michael Kirchler (University of Innsbruck, University of Gothenburg) presented his research in a talk titled "Heuristiken und Verhaltensanomalien von Finanzprofis". Filling the room with a large audience of interested listeners, Michael managed not to disappoint. He took his listeners on a tour through anchoring and framing effects and questions of risk preferences and perceptions to explore how financial professionals' behavior differs from that of lay people.

The FiRe platform wishes to thank Michael for his exciting and thought-provoking talk. We also thank the Finance Club Graz for their help in organizing the event and the Capital Bank for their sponsoring.

The excitement builds before the start of the lecture.

Ines Wöckl (r, Finance Club Graz and FiRe) and Stefan Palan (FiRe) welcome the audience.

Peter Ladreiter (Capital Bank) welcomes the audience.

Michael Kirchler (University of Innsbruck, University of Gothenburg) gives his talk.

The audience listened with alacrity.

A get-together after the lecture allowed for continuing the discussion of the stimulating lecture topics.

Strong FiRe presence at AWG meeting

posted Nov 27, 2018, 2:40 AM by Stefan Palan   [ updated Nov 27, 2018, 2:41 AM ]

University of Salzburg
November 23 and 24 saw the annual meeting of the Austrian Working Group on Banking and Finance, which this year convened at the University of Salzburg. The FiRe team gave a strong showing with FiRe members presenting 3 of the 10 papers featured at the conference. Specifically, the following papers were presented:
  • Alexander Brauneis: A High-Frequency Analysis of Bitcoin Markets
  • Lisa-Maria Kampl: How to choose between fixed and variable rate loans
  • Ines Wöckl: Debt Restructuring: When Do Loan and Bond Prepayments Pay Off?
With Stefan Palan also in attendance, the FiRe group also constituted one of the largest delegations to participate in the meeting.

Note that another presentera the meeting, Julia Reynolds (Università della Svizzera italiana), will also be presenting at our FiRe Research Day on December 13, 2018.

New book published

posted Nov 23, 2018, 1:36 AM by Graz FinanceResearch   [ updated Nov 27, 2018, 11:45 AM by Stefan Palan ]

FiRe members Alexander Brauneis and Roland Mestel recently published the second edition of their book “Finanzmarktinstrumente” (link). The book provides a non-technical introduction into the functioning, use and valuation of a broad range of financial market instruments: fixed income securities, FX, stocks, derivatives, structured products and (new in this edition) cryptocurrencies. The authors also pay particular attention to the risks associated with these instruments. The book is designed as a reference book for financial professionals and can also be used as a textbook in introductory finance courses.

Christian Schitter obtains PhD

posted Sep 24, 2018, 12:55 AM by Graz FinanceResearch   [ updated Sep 24, 2018, 12:57 AM ]

Christian Schitter recently obtained his PhD at the University of Graz after successfully defending his thesis titled Behavioral Determinants of Reporting Honesty. He was unanimously awarded the highest mark by his team of supervisors Stefan Palan, Ulrike Leopold-Wildburger (both University of Graz) and Jürgen Huber (University of Innsbruck), finishing magna cum laude.

We congratulate Christian on this achievement!

DGF annual meeting

posted Sep 24, 2018, 12:34 AM by Graz FinanceResearch

DGF logo
The 25th Annual Meeting of the German Finance Association (DGF) took place at the University of Trier from September 21st to 22nd. The DGF meetings aim at bringing together researchers and practitioners alike to discuss the most recent research from all areas of finance, banking and insurance. Around 90 papers were accepted for publication (out of more than 220 submitted papers).

Fire-member Erik Theissen, who was honored by DGF for organizing and holding the PhD-Seminar preceding the meeting for ten years, presented two papers: Underpricing in the Eurozone Corporate Bond Market, co-authored by Tobias Rischen, is an empirical study investigating underpricing in the Eurozone bond market; Call of Duty: Designated Market Maker Participation in Call Auctions, co-authored by Christian Westheide, focuses on the role of designated market makers in call auctions.

FiRe-member Roland Mestel presented A High Frequency Analysis of Bitcoin Markets, a paper dealing with questions of integration, liquidity and structure of Bitcoin markets. The paper is co-authored by Ryan Riordan and FiRe members Alexander Brauneis and Erik Theissen.

FiRe members and PhD candidates Corinna Blasch, Lisa Kampl and Ines Wöckl also participated in the meeting.

Successful grant application

posted Jul 27, 2018, 7:20 AM by Stefan Palan   [ updated Jul 27, 2018, 7:21 AM ]

A joint grant application by Thomas Stöckl (MCI Management Center Innsbruck, serving as principal investigator) and Stefan Palan (FiRe, University of Graz) has received funding by the Austrian National Bank (OeNB).

Titled Putting a spotlight on insider trading legislation - A cross-examination using laboratory markets, the research project consists of three separate studies of insider trading and the effect of legislation. Specifically, they focus on the effect on the possibility to short sell on informed and uninformed traders' behavior and profits, on traders' choice of a regulated vs. a non-regulated market, and on whether traders themselves would vote for legislation against informed trading or not.

Funded with € 147,000, the project will run for three years and will bring together pre- and post-doc researchers in Graz and Innsbruck.

And another OeNB grant

posted Jul 27, 2018, 7:20 AM by Stefan Palan   [ updated Sep 24, 2018, 12:30 AM ]

A joint grant application by FiRe members Roland Mestel (University of Graz, serving as principal investigator) and Erik Theissen (FiRe, University of Mannheim and University of Graz) has received funding by the Anniversary Fund of Austrian National Bank (OeNB).

The project is the first to examine liquidity in the Austrian capital market in depth. Based on a unique database compiled by the Institute of Banking and Finance of the University of Graz in cooperation with Wiener Börse, the project will evaluate market liquidity for all stocks listed on Wiener Börse since 2000. Among other things, market behavior in times of market stress (financial crisis; EURO crisis), the impacts of technological and regulatory changes in European market structure (e.g., MiFID) and national and EU-wide measures of economic policy (e.g., the introduction of taxes on capital gains and the increase of this tax rate) on the Austrian stock market will be empirically evaluated. The research team will compare Austrian results with those for the German market. Finally, unique stock-level data on the share of algorithmic trading will be used to investigate whether and in what way computer-based trading affects market quality in Austria.

Funded with € 105,000, the project will run for 30 months.

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