Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/209546 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
CFR Working Paper No. 16-05
Versionsangabe: 
This version: July 9, 2019
Verlag: 
University of Cologne, Centre for Financial Research (CFR), Cologne
Zusammenfassung: 
Many equity markets combine continuous trading and call auctions. Oftentimes designated market makers (DMMs) supply additional liquidity. Whereas prior research has focused on their role in continuous trading, we provide a detailed analysis of their activity in call auctions. Using data from Germany's Xetra system, we find that DMMs are most active when they can provide the greatest benefits to the market, i.e., in relatively illiquid stocks and at times of elevated volatility. They stabilize prices and trade profitably.
Schlagwörter: 
Designated market makers
Call auctions
JEL: 
G10
Dokumentart: 
Working Paper

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