Dr. Benjamin Clapham
Postdoctoral Researcher
After having studied economics and business administration, Benjamin successfully completed his doctoral studies in finance and information systems at Goethe University Frankfurt in November 2019. In his dissertation, he analyzed the integrity and efficiency of electronic securities markets. Since then, he has been working as a postdoctoral researcher at the Chair of e-Finance and efl – the Data Science Institute. His research interests are empirical financial market research, financial market regulation, and the automated detection of manipulation and misbehavior in financial markets. He has been awarded with several academic awards, e.g., the dissertation award of the Frankfurt Institute for Risk Management and Regulation and the 2020 Best Paper Award of the Journal of the Association for Information Systems.
Publications
VHB A+
(2024)
Nonstandard Errors
The Journal of Finance, Vol. 79, No. 3, pp. 2339-2390
VHB A
(2023)
A Taxonomy of Violations in Digital Asset Markets
Proceedings of the 44th International Conference on Information Systems; Hyderabad, India
(2020)
Who Is the Next "Wolf of Wall Street"? Detection of Financial Intermediary Misconduct
Journal of the Association for Information Systems, Vol. 21, No. 5, pp. 1153-1190
(2017)
A Taxonomy of Financial Market Manipulations: Establishing Trust and Market Integrity in the Financialized Economy Through Automated Fraud Detection
Journal of Information Technology, Vol. 32, No. 3, pp. 251-269
VHB B
(2025)
A Long-Term Analysis of Research Unbundling: Implications for Research Provision and Market Quality
Journal of Business Economics, Vol. 95, No. 2-3, pp. 333-384
(2023)
Policy Making in the Financial Industry: A Framework for Regulatory Impact Analysis Using Textual Analysis
Journal of Business Economics, Vol. 93, pp. 1463-1514
(2023)
The Impact of High-Frequency Trading on Modern Securities Markets - An Analysis Based on a Technical Interruption
Business & Information Systems Engineering, Vol. 65, No. 1, pp. 7-24
(2021)
To Bundle or Not to Bundle? A Review of Soft Commissions and Research Unbundling
Financial Analysts Journal, Vol. 77, No. 3, pp. 69-92
(2021)
Liquidity Provider Incentives in Fragmented Securities Markets
Journal of Empirical Finance, Vol. 60, pp. 16-38
(2021)
Popular News Are Relevant News! How Investor Attention Affects Algorithmic Decision-Making and Decision Support in Financial Markets
Information Systems Frontiers, Vol. 23, No. 2, pp. 477-494
VHB C
(2023)
Give Them a Second Chance? Prediction of Recurrent Financial Intermediary Misconduct
Proceedings of the 11th International FinanceCom Workshop 2022, Lecture Notes in Business Information Processing (LNBIP), Vol. 467, pp. 17-35, Eds.: J. van Hillegersberg, J. Osterrieder, F. Rabhi, A. Abhishta, V. Marisetty, and X. Huang; Springer, Cham
(2020)
Enterprise Applications, Markets and Services in the Finance Industry - Proceedings of the 10th International FinanceCom Workshop 2020 (Editorial)
Lecture Notes in Business Information Processing (LNBIP), Vol. 401; Springer, Cham
(2020)
Does Speed Matter? The Role of High-Frequency Trading for Order Book Resiliency
Journal of Financial Research, Vol. 43, No. 4, pp. 933-964
(2019)
The MiFIR Trading Obligation: Impact on Trading Volume and Liquidity in Electronic Trading
Proceedings of the 9th International FinanceCom Workshop 2018, Lecture Notes in Business Information Processing (LNBIP), Vol. 345, pp. 3-26, Eds.: N. Mehandjiev and B. Saadouni; Springer, Cham
No VHB Rating
(2024)
Don’t Stop Me Now! Identification and Prediction of Unnecessary Volatility Interruptions
Working Paper, presented at the 2024 NYSE Microstructure Meets AI Conference, New York, USA, and the 29th Forecasting Financial Markets Conference, Oxford, UK
(2023)
Shifting Volumes to the Close: Consequences for Price Discovery and Market Quality
Working Paper, presented at European Financial Management Association Annual Meeting 2023, 39th International Conference of the French Finance Association (AFFI 2023), and 63rd Annual Meeting of the Southern Finance Association (SFA 2023)
(2023)
Regulatory Impact Analysis in Case of Unstructured Data
efl Insights 1/2023
(2022)
Die Börse im Zeitalter der Digitalisierung
Von der Traditionsbörse zum digitalen Marktplatz – Die Frankfurter Wertpapierbörse und der Wertpapierhandel in Deutschland von der Weimarer Zeit bis ins 21. Jahrhundert, pp. 231-326, Eds.: H. Floto-Degener / B. Rudolph; Franz Steiner Verlag, Stuttgart
(2021)
Drivers and Effects of Stock Market Fragmentation – Insights on SME Stocks
Working Paper; presented at 29th Annual Meeting of the European Financial Management Association, 4th Annual Plato Market Innovator Conference, 37th Conference of the French Finance Association, and 61st Southern Finance Association Annual Meetings
(2020)
The Effect of Investor Attention on Algorithmic Decision-Making and Decision Support in Financial Markets
efl Insights 1/2020
(2019)
Integrity and Efficiency of Electronic Securities Markets: Fraud Detection, Safeguards, and the Role of High-Frequency Trading
Dissertation, Goethe University Frankfurt
(2018)
Regulatory Reporting Solutions: (Mehr-)Wert aus regulatorischen Verpflichtungen schaffen
Handbuch Finanzinformationen: Der digitale Wandel und die naechste Generation von Finanzinformationssystemen, pp. 227-248, Eds.: A. Eisenhofer and K. Brooimans; FinanzBuch Verlag, Munich
(2018)
Enhancing Market Liquidity through Liquidity Provider Incentives
EFL Quarterly, 1/2018
(2018)
Is There a Magnet Effect of Rule-Based Circuit Breakers in Times of High-Frequency Trading?
Working Paper; presented at the 6th Paris Financial Management Conference (PFMC 2018); Paris, France and the 28th Annual Meeting of the European Financial Management Association (EFMA 2019); Ponta Delgada, Portugal
(2018)
Management of Market Price Risks: Regulation and Coordination of Volatility Interruptions in Europe
FIRM Yearbook 2018, pp. 167-168; Association for Risk Management and Regulation, Frankfurt
(2018)
The Impact of MiFID II/MiFIR on European Market Structure: A Survey among Market Experts
The Journal of Trading, Vol. 13, No. 2, pp. 35-46
(2017)
Ensuring Market Integrity and Stability: Circuit Breakers on International Trading Venues
The Journal of Trading, Vol. 12, No. 1, pp. 42-54
(2017)
Coordination of Circuit Breakers? Volume Migration and Volatility Spillover in Fragmented Markets
Working Paper; presented at the CEPR-Imperial-Plato Inaugural Market Innovator (MI3) Conference; London, UK, the 24th Annual Meeting of the German Finance Association (DGF 2017); Ulm, Germany and the SFA 2017; Key West, Florida, United States
(2017)
Managing Excess Volatility: Design and Effectiveness of Circuit Breakers
Working Paper; presented at the 34th International Conference of the French Finance Association (AFFI 2017); Valence, France and the Southern Finance Association 2017 Annual Meetings (SFA 2017); Key West, Florida, United States
(2016)
Circuit Breakers - A Survey among International Trading Venues
WFE Research Studies & Reports
(2016)
Price Discovery and Convergence in Fragmented Securities Markets
International Journal of Managerial Finance, Vol. 12, No. 4, pp. 381-407
(2015)
The Role of High-Frequency Trading for Order Book Resiliency
EFL Quarterly, 4/2015
Sponsors
The following sponsors support efl - the Data Science Institute Frankfurt
