Seminar talk by Ryan Riordan

posted Aug 7, 2019, 5:47 AM by Stefan Palan

Seminar participants

On August 5, 2019, Ryan Riordan (Queen’s University) gave a talk titled "Trading on Long-Term Information". A seminar room full of researchers and practitioners listened to the lecture in which Ryan presented surprising empirical results regarding the interaction between informed and uninformed market participants. The paper was co-authored by Corey Garriott from the Bank of Canada.

Being a successful researcher who has already published in the most important journals in the field of finance, Ryan concluded his talk by giving a bit of advice about how to be successful when publishing a paper. The FiRe platform wishes to thank Ryan for his exciting and insightful talk and for the time he took to sit down with members of our team to discuss their research.

FiRe Lecture with Oliver Spalt

posted Jul 3, 2019, 5:03 AM by Graz FinanceResearch   [ updated Jul 3, 2019, 5:04 AM ]

Oliver Spalt
After the successful premiere of the FiRe Lecture in December of last year, this year's lecture was held on June 5 by Oliver Spalt 
(Tilburg University, University of Mannheim). Titled "Diskriminierung am Finanzmarkt", Oliver talked about such topics as discrimination against minority fund managers and diverse boards. Drawing in the listeners with questions and by exhaustively addressing their queries, the lecturer managed to captivate the audience.

The FiRe platform wishes to thank Oliver for his thought-provoking an engaging talk. We also thank the Finance Club Graz for their help in organizing the event and the Steiermärkische Sparkasse AG for their sponsoring.

Ines Wöckl (financeclub), Evelyn Bauer (Steiermärkische Sparkasse AG, not pictured) and Stefan Palan open the lecture.

Oliver Spalt
Oliver Spalt introducing his topic.

Oliver Spalt
Oliver Spalt in the middle of his talk.

The audience
The captivated audience.

The buffet
Food for thought - sponsored by Steiermärkische Sparkasse AG.

The organizers
The organizers and sponsors with the lecturer (from left): Dr. Gerhard Fabisch (Steiermärkische Sparkasse AG), Viktoria Steffen (Institute of Banking and Finance, University of Graz), Mag. Lisa Kampl and Mag. Ines Wöckl (Institute of Finance, University of Graz), Prof. Dr. Oliver Spalt (Tilburg University) Assoc. Prof. Dr. Stefan Palan (Institute of Banking and Finance, University of Graz), Mag. Evelyn Bauer (Steiermärkische Sparkasse AG), Ao. Univ.-Prof. Dr. Roland Mestel and Asst. Prof. Dr. Claudia Fink (Institute of Banking and Finance, University of Graz).

FiRe represented at the Financial Planner Forum 2019

posted May 15, 2019, 3:56 AM by Stefan Palan   [ updated May 15, 2019, 3:56 AM ]

The sixth Austrian Financial Planner Forum took place on May 6 and 7 at the Marriott Hotel Vienna. FiRe was represented by two of its platform members. Roland Mestel gave a talk about "The Blockchain and Its Relevance for Financial Markets" while Stefan Palan presented findings titled "The Customer Profile: Getting from Compulsory Exercise to a Win-Win Situation for Customers and Advisors".

The photo shows (from left) Prof. (FH) Mag. Otto Lucius, Prof. Stefan Palan and Prof. Roland Mestel (photo copyright: Fotostudio Huger).

Viktoria Steffen joins research platform

posted Apr 2, 2019, 4:49 AM by Graz FinanceResearch   [ updated Apr 8, 2019, 11:59 AM by Stefan Palan ]

Viktoria Maria Steffen recently joined the research platform as a PhD student under the supervision of Roland Mestel and Erik Theissen. Viktoria is empirically evaluating the impacts of technological and regulatory changes in European market structure (e.g., MiFID). Furthermore, she will be looking into the presence of flash crashes on the Austrian stock market and the introduction of taxes on capital gains as well as the increase of this tax rate on the Austrian stock market. She will compare Austrian results with those for the German market. Her work is part of a larger project, which examines liquidity in the Austrian capital market in depth, funded by the Oesterreichische Nationalbank Anniversary Fund.

Currently, Viktoria is working as University and Project Assistant at the Department of Banking and Finance.

Funding for research into post-earnings-announcement drift

posted Mar 21, 2019, 3:55 AM by Stefan Palan   [ updated Mar 21, 2019, 3:56 AM ]

The Austrian Science Fund (FWF) has decided to fund the joint grant application of platform members Stefan Palan and Erik Theissen, titled "Experiments on the post-Earnings-Announcement Drift". In this research proposal, they plan to study the causes and mechanisms behind the phenomenon that stock prices tend to drift upward (downward) over extended periods of time following positive (negative) earnings news. Given the funding now granted, the team will be able to hire a PhD student to conduct experiments to explore several potential explanations for why post-earnings-announcement drift occurs.

Finance Research Graz Data Services

posted Mar 4, 2019, 2:36 AM by Graz FinanceResearch

Stock photo of data.

The Institute of Banking and Finance has recently developed the database “Finance Research Graz Data Services“ (FiRe Graz DS). It contains numerous daily measures of market liquidity and market quality for all equities and ETFs continuously traded via Xetra on the Vienna Stock Exchange. Data are currently available for the period November 1999 to February 2018. The measures are calculated from intraday trade and quote data obtained from the Vienna Stock Exchange. Access to FiRe Graz DS is available exclusively for researchers and research purpose (free of charge). For more details, go to

Photo by Mika Baumeister via Unsplash

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.

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