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dc.contributor.authorMende, Alexanderen_US
dc.contributor.authorMenkhoff, Lukasen_US
dc.date.accessioned2009-01-29T14:59:46Z-
dc.date.available2009-01-29T14:59:46Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/22451-
dc.description.abstractThis study examines profits and speculation in the USD/EUR trading of a bank in Germany over a four-month period. Dealing activity at the bank generates profits but speculation does not seem to contribute to this. We find that speculative positions fail to become profitable within a 30-minutes' horizon. Also, the suggestion that exchange rate volatility would foster speculative profits cannot be confirmed. To explain daily revenues, neither the bank's speculative trading volume nor its inventory position, but only customer trading emerges as a significant determinant. Furthermore, a spread analysis reveals that there is hardly any room for revenues from speculation.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesDiskussionspapiere des Fachbereichs Wirtschaftswissenschaften, Universität Hannover 339en_US
dc.subject.jelF31en_US
dc.subject.jelG15en_US
dc.subject.ddc330en_US
dc.subject.keywordforeign exchange marketsen_US
dc.subject.keywordspeculationen_US
dc.subject.keywordprofitsen_US
dc.subject.keywordmarket microstructureen_US
dc.subject.keywordflow analysisen_US
dc.titleProfits and Speculation in Intra-Day Foreign Exchange Tradingen_US
dc.typeWorking Paperen_US
dc.identifier.ppn512766045en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Diskussionspapiere, Wirtschaftswissenschaftliche Fakultät, Universität Hannover

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