Dr. Benjamin Clapham
Postdoctoral Researcher
Benjamin Clapham is a Postdoctoral Researcher at Goethe University Frankfurt and efl – The Data Science Institute. His research lies at the intersection of finance and information systems, with a primary focus on securities markets and empirical market microstructure. He investigates how market design, regulatory reforms, and technological innovation shape liquidity, volatility, and price discovery on securities markets, and how market integrity can be improved.
His research covers topics such as algorithmic trading, market safeguards, securities market fragmentation, market integrity, financial market manipulation, and crypto-asset markets. He has published in leading international journals, including the Journal of the Association for Information Systems (JAIS), Journal of Information Technology (JIT), Journal of Empirical Finance, Journal of Financial Research (JFR), Financial Analysts Journal, and Information Systems Frontiers (ISF), and his research is regularly presented at major international conferences. He has received several academic honors, including the AIS Best Information Systems Publications Award, the 2020 Best Paper Award of the Journal of the Association for Information Systems, and the Dissertation Award of the Frankfurt Institute for Risk Management and Regulation.
Benjamin teaches courses on market microstructure and securities trading at Goethe University Frankfurt and Goethe Business School and has won several teaching awards.
Publications
VHB A+
(2024)
Nonstandard Errors
The Journal of Finance, Vol. 79, No. 3, pp. 2339-2390
VHB A
(2026)
From Shadows to Trust: Designing a Framework for Integrity Assessment in Digital Asset Markets
Proceedings of the 34th European Conference on Information Systems 2026, Milan, Italy
(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
(2026)
Wokeness on the Line - AI Based Analysis of the Trump Effect on Corporate ESG Communication and Market Reaction
Finance Research Letters, Volume 107, September 2026, 110346
(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
(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
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
(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
(2026)
Threshold Transparency and the Magnet Effect of Circuit Breakers: Evidence From a Natural Experiment
Working Paper, (to be) presented at SFA 2026, Palm Springs, USA, DGF 2026, and 31th Forecasting Financial Markets Conference, Milan, Italy, and the 32nd Annual Meeting of the German Finance Association, Duesseldorf, Germany
(2026)
Market Making Without Adverse Selection: Evidence From Retail Savings Plans
Working Paper, (to be) presented at EFMA 2026, FMA European Conference 2026, DGF 2026, and the 31th Forecasting Financial Markets Conference
(2026)
Retail Order Flow Segmentation, Price Improvements, and Market Quality: Evidence From Xetra Retail
Working Paper, (to be) presented at EFMA 2026, FMA European Conference 2026, AFFI 2026, SFA 2026, DGF 2026, and the 31th Forecasting Financial Markets Conference
(2026)
Integrität von Digital Asset Markets
Frankfurter Institut für Risikomanagement und Regulierung (Hrsg.): FIRM Jahrbuch 2026, Frankfurt am Main, 2026, S. 30 - 34
(2025)
Wokeness on the Line - AI Based Analysis of the Trump Effect on Corporate ESG Communication and Market Reaction
Working Paper, presented at the 2nd Workshop on Artificial Intelligence in Corporate Finance; Dresden, Germany
(2025)
Empirical Evidence on Misconduct and Law Enforcement in Crypto Asset Markets
Working Paper, presented at the 8th Cryptocurrency Research Conference; Athens, Greece
(2025)
Don’t Stop Me Now! Identification and Prediction of Unnecessary Volatility Interruptions
Working Paper, presented at SFA 2025, NFA 2025, the 2024 NYSE Microstructure Meets AI Conference, and the 29th Forecasting Financial Markets Conference
(2025)
Identification and Prediction of Unnecessary Volatility Interruptions
efl insights 2/2025
(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)
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
(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)
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
(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)
Price Discovery and Convergence in Fragmented Securities Markets
International Journal of Managerial Finance, Vol. 12, No. 4, pp. 381-407
(2016)
Circuit Breakers - A Survey among International Trading Venues
WFE Research Studies & Reports
(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
