Prof. Dr. Erik Theissen

Universität Mannheim
Fakultät für Betriebswirtschaftslehre
Lehrstuhl für Finanzierung
D - 68131 Mannheim

Büro: L 9, 1-2, Raum 313
Tel.: +49 (0)621 181-1517
Fax: +49 (0)621 181-1519


Während der Vorlesungszeit: Montags 14.00 bis 15.00 Uhr

Außerhalb der Vorlesungszeit nach Vereinbarung


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Publications in Refereed Journals

in English:

Open Market Share Repurchases in Germany: A Conditional Event Study Approach. Forthcoming in: Abacus. (with Christian Andres, André Betzer, and Markus Doumet) 

Strategic Trading and Trade Reporting by Corporate Insiders. Review of Finance 19 (2015), 865-905. (with André Betzer, Jasmin Gider and Daniel Metzger)

The Lintner Model Revisited: Dividends versus Total Payouts. Journal of Banking and Finance 55 (2015), 56-69. (with Christian Andres, Markus Doumet and Erik Fernau)

A Partially Linear Approach to Modelling the Dynamics of Spot and Futures Prices. Journal of Futures Markets 35 (2015), 371-384. (with Jürgen Gaul).

Liquidity Dynamics in an Electronic Open Limit Order Book: An Event Study Approach. European Financial Management 21 (2015) 52-78. (with Peter Gomber and Uwe Schweickert).

The State of Play in European Equities Trading. Journal of Trading 10 (Spring 2015), 23-32. (with Peter Gomber, Moritz Weber, Satchit Sagade and Christian Westheide)

Short sale constraints, divergence of opinion and asset prices: Evidence from the Laboratory. Journal of Economic Behavior and Organisation 101 (2014), 113-127. (with Gerlinde Fellner)

Should I Stay or Should I Go? Former CEOs as Monitors. Journal of Corporate Finance 28 (2014), 26-47. (with Christian Andres and Erik Fernau)

Market Response to Investor Sentiment. Journal of Business Finance and Accounting 40 (2013), 901-917. (with Jördis Hengelbrock and Christian Westheide).

The Information Content of Dividend Surprises: Evidence from Germany. Journal of Business Finance and Accounting 40 (2013), 620-645. (with Christian Andres, André Betzer, Christian Haesner and Inga van den Bongard).

Price Discovery in Spot and Futures Markets: A Reconsideration. European Journal of Finance  18 (2012), 969-987. 

Liquidity Measures. In: Bell, A., C. Brooks and M. Prokopczok (eds.): Handbook Of Research Methods And Applications In Empirical Finance. Edward Elgar. (with Thomas Johann)

Is Best Really Better? Internalization in Xetra BEST. Schmalenbach Business Review 64 (2012), 82-100 (with Joachim Grammig).

The Cross-Section of German Stock Returns: New Data and New Evidence. Schmalenbach Business Review 64 (2012), 20-42. (with Sabine Artmann, Philipp Finter, Alexander Kempf and Stefan Koch).

Sooner or Later: Delays in Trade Reporting by Corporate Insiders. Journal of Business Finance and Accounting 37 (2010), 130-147. (with André Betzer).

Insider Trading and Corporate Governance - The Case of Germany. European Financial Management. 15 (2009), 402-429. (with André Betzer)

Competition Between Exchanges: Euonext versus Xetra. European Financial Management 15 (2009), 181-207. (with Maria Kasch-Haroutounian).

Setting a Fox to Keep the Geese: Does the Comply-or-Explain Principle Work? Journal of Corporate Finance 14 (2008), 289-301. (with Christian Andres)

Does Anonymity Matter in Electronic Limit Order Markets? Review of Financial Studies 20 (2007), 1707-1747. (with Thierry Foucault and Sophie Moinas).

Estimating the Probability of Informed Trading - Does Trade Misclassification Matter? Journal of Financial Markets 10 (2007), 26-47. (with Ekkehart Boehmer and Joachim Grammig).

An Analysis of Private Investors’ Stock Market Return Forecasts. Applied Financial Economics 17 (2007), 35-41.

Who Knows What When? The Information Content of Pre-IPO Market Prices. Journal of Financial Intermediation 14 (2005), 466-484. (with Gunter Löffler and Patrick F. Panther)

Trader Anonymity, Price Formation and Liquidity. European Finance Review, 7 (2003) No. 1, 1-26.

Beta and Returns Revisited - Evidence from the German Stock Market. Journal of International Financial Markets, Institutions and Money 13 (2003) No. 1, 1-18. (with Ralf Elsas and Mahmoud El-Shaer)

Price Discovery in Floor and Screen Trading Systems. Journal of Empirical Finance 9 (2002) No. 4, 455-474.

Floor versus Screen Trading: Evidence from the German Stock Market. Journal of Institutional and Theoretical Economics 158 (2002) No. 1, 32-54.

Market Structure, Intermediation and Liquidity. Schmalenbach Business Review 54 (2002) Special Issue 1, 255-274. (with Thorsten Freihube and Jan P Krahnen)

The Anatomy of a Call Market. Journal of Financial Intermediation 10 (2001) No. 3/4, 276-305. (with Carl-Heinrich Kehr and Jan P. Krahnen)

Knowing Me, Knowing You: Trader Anonymity and Informed Trading in Parallel Markets. Journal of Financial Markets 4 (2001) No. 4, 385-412. (with Joachim Grammig and Dirk Schiereck)

An Index Is an Index Is an Index? Schmalenbach Business Review 53 (2001) No. 4, 295-320. (with Thorsten Freihube)

A Test of the Accuracy of the Lee / Ready Trade Classification Algorithm. Journal of International Financial Markets, Institutions and Money 11 (2001) No. 2, 147-165.

Market Structure, Informational Efficiency and Liquidity: An Experimental Comparison of Auction and Dealer Markets. Journal of Financial Markets 3 (2000) No 4, 333-363.

Insider Trading and Portfolio Structure in Experimental Asset Markets with a Long Lived Asset. European Journal of Finance 5 (1999), 29-50. (with Jan P. Krahnen and Christian Rieck)

Inferring Risk Attitudes from Certainty Equivalents: Some Lessons from an Experimental Study. Journal of Economic Psychology 18 (1997), 469-486. (with Jan P. Krahnen and Christian Rieck)


in German:

Ich bin dann mal weg: Werteffekte von Delistings deutscher Aktiengesellschaften nach dem Frosta-Urteil. Erscheint in: Zeitschrift für betriebswirtschaftliche Forschung (mit Markus Doumet und Peter Limbach).

Eine empirische Untersuchung der individualisierten Veröffentlichung der Vorstandsvergütung. [An Empirical Analysis of the Publication of Board Member Remuneration]. Die Betriebswirtschaft 67, 167-178. (with Chtistian Andres)

Der vorbörsliche Handel mit IPOs. [Pre-Issue Trading in German IPOs]. Betriebswirtschaftliche Forschung und Praxis 2006 No. 5, 481-494. (with Gunter Löffler und Patrick F. Panther).

Internalisierung und Marktqualität: Was bringt Xetra Best? [Intarnalization and Market Quality . An Assessment of XetraBest]. Kredit unf Kapital, 35 (2002) No. 4, 550-571.

Underpricing und Anlegerdiskriminierung bei Aktienemissionen [IPO Underpricing and Discriminatory Share Allocation]. Zeitschrift für Betriebswirtschaft 72 (2002) No. 10, 1025-1044.

Informationsbasierter Aktienhandel über IBIS [Information-Based Trading in the Electronic Trading System IBIS]. Zeitschrift für betriebswirtschaftliche Forschung 52 (2000) No 11, 619-642. (with Joachim Grammig and Dirk Schiereck)

Was leisten die Kursmakler? Eine empirische Untersuchung am Beispiel der Frankfurter Wertpapierbörse [An Empirical Investigation into the Role of the Specialists at the Frankfurt Stock Exchange]. Kredit und Kapital 32 (1999) No 3, 426-460. (with Thorsten Freihube, Carl-Heinrich Kehr and Jan P. Krahnen)

Performance deutscher Rentenfonds: Replik zur Stellungnahme von Schwetzler / Darijtschuk [Performance of German Bond Mutual Funds: Reply to Schwetzler / Darijtschuk]. Zeitschrift für betriebswirtschaftliche Forschung 51 (1999) No 9, 876-882. (with Mario Greifzu).

Banken, bankeigene Kapitalanlagegesellschaften und Aktienemissionen [Bank-Owned Investment Trust Companies and Initial Public Offerings]. Zeitschrift für Bankrecht und Bankwirtschaft 3 (1999) No 3, 125-134. (with Theodor Baums)

Liquiditätsmessung auf experimentellen Aktienmärkten [Measuring Liquidity on Experimental Stock Markets]. Kredit und Kapital 32 (1999), 225-264.

Der Neue Markt: Eine Bestandsaufnahme [The Neuer Markt: An Empirical Investigation]. Zeitschrift für Wirtschafts- und Sozialwissenschaften 118 (1998), 623-652.

Performance deutscher Rentenfonds [Performance of German Bond Mutual Funds]. Zeitschrift für betriebswirtschaftliche Forschung 50 (1998), 436-461. (with Mario Greifzu)


Current Working Papers:

Estimation of Trading Costs: Trade Indicator Models Revisited. October 2015 (with Simon Zehnder).

Illiquidity Transmission from Spot to Futures Markets. October 2015 (with Olaf Korn and Paolo Krischak).

Designated Market Makers in Electronic Limit Order Books - A Closer Look. October 2015 (with Christian Voigt and Christian Westheide).

Competition/Fragmentation in Equities Markets: A Literature Survey. February 2015 (with Peter Gomber, Satchit Sagade, Moritz Weber and Christian Westheide).

GDP-Mimicking Portfolios and the Cross-Section of Stock Returns. April 2013 (with Tim A. Kroencke, Felix Schindler aund Steffen Sebastian).

The Market Reaction to Corporate Disclosure: Evidence from Germany. September 2012. (with Dominik Dettenrieder)

Time and the Price Impact of a Trade: A Structural Approach. February 2011 (with Joachim Grammig and Oliver Wünsche).

The Price Pressure Hypothesis Revisited: Evidence from Tax-Induced Selling. June 2010 (with Meta Zaehres).

Fourteen at One Blow: The Market Entry of Turquoise. December 2009 (with Jördis Hengelbrock).

Empirical Tests of Models of Dynamic Limit Order Markets. April 2009 (with Gunther Wuyts). 

Determinanten der Aktionärspräsenz auf Hauptversammlungen deutscher Aktiengesellschaften [Determinants of Shareholder Attendance at the General Meetings of German Listed Corporations]. March 2008. (with Philipp Linge).