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Market Maker unter Wolken – Wettereffekte am deutschen Aktienmarkt


  • Marcus Flemisch

    (Dresdner Kleinwort, Theodor-Heuss-Allee 44–46, D-60486 Frankfurt/M)

  • Andreas Hackethal

    (Johann Wolfgang Goethe-Universität Frankfurt am Main, Lehrstuhl für BWL, insbesondere Finanzen, House of Finance - Grüneburgplatz 1, D-60323 Frankfurt/M)

  • Dirk Schiereck

    (Technische Universität Darmstadt, Institut für BWL, Unternehmensfinanzierung, Hochschulstraße 1, D-64289 Darmstadt)


It is known from the literature on the psychology of modes of behavior in stock markets that – besides other parameters – moods and emotions as personal influencing factors affect yield expectations and the risk-awareness of market participants. The constructs that may influence moods include the weather as well. Studies of the US market show that the yields recorded by the New York Stock Exchange correlate in a negative sense with the population density. By way of explanation, mention has been made of market makers’ bid/offer spread fixing behaviour for which systematic correlations with the weather have been observed. So far, no studies have hitherto been made of the influence of the weather on the bid/offer spread fixing behaviour of market makers in the German capital market. There are plans to close this knowledge gap insofar as stocks are concerned listed by the German electronic trading system Xetra, for each of which just one designated sponsor acts as a market maker. It has turned out in this context that a systematic weather effect is to be observed in Germany as well, though with a surprising operating sign.

Suggested Citation

  • Marcus Flemisch & Andreas Hackethal & Dirk Schiereck, 2009. "Market Maker unter Wolken – Wettereffekte am deutschen Aktienmarkt," Credit and Capital Markets, Credit and Capital Markets, vol. 42(3), pages 413-433.
  • Handle: RePEc:kuk:journl:v:42:y:2009:i:3:p:413-433

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    References listed on IDEAS

    1. Martin Hellwig, 2009. "Systemic Risk in the Financial Sector: An Analysis of the Subprime-Mortgage Financial Crisis," De Economist, Springer, vol. 157(2), pages 129-207, June.
    2. Hellwig, Martin, 1997. "Unternehmensfinanzierung, Unternehmenskontrolle und Ressourcenallokation: Was leistet das Finanzsystem?," Sonderforschungsbereich 504 Publications 97-02, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
    3. Barry Eichengreen, 2009. "From the Asian crisis to the global credit crisis: reforming the international financial architecture redux," International Economics and Economic Policy, Springer, vol. 6(1), pages 1-22, June.
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    More about this item

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage


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