Prof. Dr. Erik Theissen

University of Mannheim
Business School
Chair of Finance
D – 68161 Mannheim

Office: L 9, 1–2, Raum 313
Phone.: +49 (0) 621 181-1517
Fax: +49 (0) 621 181-1519
Email: theissenmail-uni-mannheim.de

Consultation hours:

During the Semester:
- By appointment on Mondays, 2–3 p.m.
- In-person or via Zoom / Skype
Otherwise:
- By appointment

Currently: see News section

Short Bio

since 09/2009	Professor, Finance Area, University of Mannheim
10/2000–08/2009	Professor, Department of Economics, University of Bonn
10/2004–03/2005	Visiting Professor, Thammasat University, Bangkok, Thailand
04/1999-04/2000	Visiting Assistant Professor, Groupe HEC, Jouy-en-Josas, France
06/1998-09/2000	Assistant Professor, Department of Economics and Business Administration, University of Frankfurt

Research Interest

Market Microstructure
Empirical Asset Pricing
Blockchain & Cryptocurrencies

Fink, J., Palan, S. and Theissen, E. (2023). Earnings autocorrelation and the post-earnings-announcement drift: experimental evidence. Journal of Financial and Quantitative Analysis : JFQA, 1–72.
Gomber, P., Sagade, S., Theissen, E., Weber, M. C. and Westheide, C. (2023). Spoilt for choice: Determinants of market shares in fragmented equity markets. Journal of Financial Markets.
Theissen, E. and Westheide, C. (2023). One for the money, two for the show? The number of designated market makers and liquidity. Economics Letters, 224.
Betzer, A., van den Bongard, I. ., Schweder, F., Theissen, E. and Volkmann, C. (2022). All is not lost that is delayed: Overconfidence and investment outcomes. Review of Managerial Science : RMS, 1–28.
Brauneis, A., Mestel, R., Riordan, R. and Theissen, E. (2022). Bitcoin unchained: Determinants of cryptocurrency exchange liquidity. Journal of Empirical Finance, 69, 106–122.
Brauneis, A., Mestel, R., Riordan, R. and Theissen, E. (2022). The anatomy of a fee change – Evidence from cryptocurrency markets. Journal of Empirical Finance, 67, 152–167.
Greppmair, S. and Theissen, E. (2022). Small is beautiful? How the introduction of mini futures contracts affects the regular contract. Journal of Empirical Finance, 67, 19–38.
Theissen, E., Machus, T. and Mestel, R. (2022). Heroes, just for one day: The impact of Donald Trump's tweets on stock prices. Journal of Behavioral and Experimental Finance, 33, 1–11.
Brauneis, A., Mestel, R., Riordan, R. and Theissen, E. (2021). How to measure the liquidity of cryptocurrency markets? Journal of Banking and Finance, 124, 1–26.
Brauneis, A., Mestel, R. and Theissen, E. (2021). What drives the liquidity of cryptocurrencies? A long-term analysis. Finance Research Letters, 39.
Rischen, T. and Theissen, E. (2021). Underpricing in the euro area bond market: New evidence from post-crisis regulation and quantitative easing. Journal of Financial Intermediation, 46.
Schuster, P., Theissen, E. and Uhrig-Homburg, M. (2020). Finanzwirtschaftliche Anwendungen der Blockchain-Technologie. Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung : Zfbf, 72, 125–147.
Theissen, E. and Westheide, C. (2020). Call of duty: Designated market maker participation in call auctions. Journal of Financial Markets, 49, Article 100530.
Haselmann, R. and Theissen, E. (2019). Jan Krahnen zum 65. Geburtstag. Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung : Zfbf, 71, 415–417.
Johann, T., Scharnowski, S., Theissen, E., Westheide, C. and Zimmermann, L. (2019). Liquidity in the German stock market. Schmalenbach Business Review : Sbr, 71, 443–473.
Korn, O., Krischak, P. K. R. and Theissen, E. (2019). Illiquidity transmission from spot to futures markets. The Journal of Futures Markets, 39, 1228-1249.
Mestel, R., Nießen, L., Theissen, E., Uhlenkamp, C. and Wagner, D. (2019). Liquidität am österreichischen Aktienmarkt: Datenbank “FiRe Graz DS”. Bank-Archiv, 67, 620–629.
Theissen, E. (2019). What can we learn from stock prices?: Cash flow, risk, and shareholder welfare : Comment. Journal of Institutional and Theoretical Economics : JITE, 175, 200–204.
Andres, C., Betzer, A., Doumet, M. and Theissen, E. (2018). Open market share repurchases in Germany: A conditional event study approach. Abacus : A Journal of Accounting, Finance and Business, 54, 417–444.
Mestel, R., Murg, M. and Theissen, E. (2018). Algorithmic trading and liquidity: Long term evidence from Austria. Finance Research Letters, 26, 198–203.
Fahlenbrach, R., Hackbarth, D., Rocholl, J., Theissen, E. and Uhrig-Homburg, M. (2017). The future of corporate financing in Europe. Schmalenbach Business Review : Sbr, 18, 179–180.
Gomber, P., Sagade, S., Theissen, E., Weber, M. C. and Westheide, C. (2017). Competition between equity markets : a review of the consolidation versus fragmentation debate. Journal of Economic Surveys, 31, 792–814.
Doumet, M., Limbach, P. and Theissen, E. (2016). Ich bin dann mal weg : Werteffekte von Delistings deutscher Aktiengesellschaften nach dem Frosta-Urteil. Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung : Zfbf, 68, 253–277.
Andres, C., Doumet, M., Fernau, E. and Theissen, E. (2015). The Lintner model revisited: Dividends versus total payouts. Journal of Banking & Finance, 55, 56–69.
Betzer, A., Gider, J., Metzger, D. and Theissen, E. (2015). Stealth trading and trade reporting by corporate insiders. Review of Finance, 19, 865–905.
Gaul, J. and Theissen, E. (2015). A partially linear approach to modeling the dynamics of spot and futures prices. The Journal of Futures Markets, 35, 371–384.
Gomber, P., Sagade, S., Theissen, E., Weber, M. C. and Westheide, C. (2015). The state of play in European over-the-counter equities trading. The Journal of Trading, 10, 23–32.
Gomber, P., Schweickert, U. and Theissen, E. (2015). Liquidity dynamics in an electronic open limit order book: An event study approach. European Financial Management, 21, 52–78.
Andres, C., Fernau, E. and Theissen, E. (2014). Should I Stay or Should I Go? Former CEOs as Monitors. Journal of Corporate Finance, 28, 26–47.
Theissen, E. and Fellner, G. (2014). Short sale constraints, divergence of opinion and asset prices: Evicence from the Laboratory. Journal of Economic Behavior & Organization : JEBO, 101, 113–127.
Andres, C., Betzer, A., van den Bongard, I. ., Haesner, C. and Theissen, E. (2013). The Information Content of Dividend Surprises: Evidence from Germany. Journal of Business Finance & Accounting : JBFA, 40, 620–645.
Hengelbrock, J., Theissen, E. and Westheide, C. (2013). Market Response to Investor Sentiment. Journal of Business Finance & Accounting : JBFA, 40, 901–917.
Artmann, S., Finter, P., Kempf, A., Koch, S. and Theissen, E. (2012). The Cross-Section of German Stock Returns: New Data and New Evidence. Schmalenbach Business Review : Sbr, 64, 20–43.
Grammig, J. and Theissen, E. (2012). Is BEST Really Better? Internalization of Orders in an Open Limit Order Book. Schmalenbach Business Review : Sbr, 64, 82–100.
Theissen, E. (2012). Price discovery in spot and futures markets: A reconsideration. The European Journal of Finance, 18, 969–987.
Betzer, A. and Theissen, E. (2010). Sooner or later: An analysis of the delays in insider trading reporting. Journal of Business Finance & Accounting : JBFA, 37, 130–147.
Betzer, A. and Theissen, E. (2009). Insider Trading and Corporate Governance: The Case of Germany. European Financial Management, 15, 402–429.
Kasch, M. and Theissen, E. (2009). Competition Between Exchanges: Euronext versus Xetra. European Financial Management, 15, 181–207.
Andres, C. and Theissen, E. (2008). Setting a fox to keep the geese: Does the comply-or-explain principle work? Journal of Corporate Finance, 14, 289–301.
Andres, C. and Theissen, E. (2007). Eine empirische Untersuchung der individualisierten Veröffentlichung der Vorstandsvergütung. Die Betriebswirtschaft : DBW, 67, 167–178.
Boehmer, E., Grammig, J. and Theissen, E. (2007). Estimating the probability of informed trading – does trade misclassification matter? Journal of Financial Markets, 10, 26–47.
Foucault, T., Moinas, S. and Theissen, E. (2007). Does anonymity matter in electronic limit order markets? The Review of Financial Studies, 20, 1707-1747.
Theissen, E. (2007). An analysis of private investors’ stock market return forecasts. Applied Financial Economics, 17, 35–43.
Löffler, G., Panther, P. F. and Theissen, E. (2006). Der vorbörsliche Handel mit IPOs. Betriebswirtschaftliche Forschung und Praxis : BFuP, 58, 481–494.
Löffler, G., Panther, P. F. and Theissen, E. (2005). Who knows what when? The information content of pre-IPO market prices. Journal of Financial Intermediation, 14, 466–484.
Elsas, R., El-Shaer, M. and Theissen, E. (2003). Beta and returns revisited: Evidence from the German stock market. Journal of International Financial Markets, Institutions & Money, 13, 1–18.
Köndgen, J. and Theissen, E. (2003). Internalisierter Wertpapierhandel zu Börsenpreisen? Wertpapier-Mitteilungen : WM ; Fachorgan für das gesamte Wertpapierwesen. Teil 4, Zeitschrift für Wirtschafts- und Bankrecht, 57, 1497-1509.
Theissen, E. (2003). Trader anonymity, price formation and liquidity. European Finance Review, 7, 1–26.

Theissen, E. and Westheide, C. (2022). One for the money, two for the show? The number of designated market makers and liquidity. SSRN Working Paper Series. Rochester, NY: SSRN.
Dinger, V., Schmidt, C. and Theissen, E. (2021). The real effects of distressed bank mergers. Mannheim.
Fink, J., Palan, S. and Theissen, E. (2021). Trading frictions and the post-earnings-announcement drift. SSRN Working Paper Series. Rochester, NY.
Theissen, E. and Yilanci, C. (2021). Momentum? What momentum? SSRN Working Paper Series. Rochester, NY.
Theissen, E. and Zimmermann, L. (2021). Do contented customers make shareholders wealthy? – Implications of intangibles for security pricing. SSRN Working Paper Series. Rochester, NY: SSRN.
Fink, J., Palan, S. and Theissen, E. (2020). Earnings autocorrelation and the post-earnings-announcement drift – experimental evidence. Working Paper, 2020–03. Graz: Karl-Franzens-Universität Graz, Sozial- und Wirtschaftswissenschaftliche Fakultät.
Theissen, E. and Yilanci, C. (2020). Momentum? What momentum? Köln: Universität Köln, Centre for Financial Research.
Scharnowski, S., Theissen, E., Westheide, C. and Satchit, S. (2019). A tale of two cities. SSRN Working Paper Series. Rochester, NY.
Brauneis, A., Mestel, R., Riordan, R. and Theissen, E. (2018). Bitcoin exchange rates: How integrated are markets? SSRN Working Paper Series. Rochester, NY.
Betzer, A., van den Bongard, I. ., Theissen, E. and Volkmann, C. (2017). All is not lost that is delayed : overconfidence and investment failure. SSRN Working Paper Series. Rochester, NY.
Johann, T. and Theissen, E. (2017). The best in town : a comparative analysis of low-frequency liquidity estimators. SSRN Working Paper Series. Rochester, NY.
Gomber, P., Sagade, S., Theissen, E., Weber, M. C. and Westheide, C. (2016). Competition between equity markets : a review of the consolidation versus fragmentation debate. SAFE Working Paper, 35. Frankfurt am Main: University of Frankfurt.
Gomber, P., Sagade, S., Theissen, E., Weber, M. C. and Westheide, C. (2016). Spoilt for choice : order routing decisions in fragmented markets. SAFE Working Paper, 143. Frankfurt am Main: University of Frankfurt.
Andres, C., Betzer, A., Doumet, M. and Theissen, E. (2014). Open Market Share Repurchases in Germany: A Conditional Event Study Approach. Schumpeter discussion papers, 14–010. Wuppertal.
Betzer, A., Gider, J., Metzger, D. and Theissen, E. (2014). Stealth Trading and Trade Reporting by Corporate Insiders. SSRN Working Paper Series. Rochester, NY.
Korn, O., Krischak, P. K. R. and Theissen, E. (2014). Illiquidity transmission from spot to futures markets. CFR Working Paper, 14–10. Köln.
Theissen, E. and Zehnder, L. S. (2014). Estimation of Trading Costs : Trade Indicator Models Revisited. CFR Working Paper, 14–09. Köln.
Gomber, P., Sagade, S., Theissen, E., Weber, M. C. and Westheide, C. (2013). Competition/Fragmentation in Equities Markets: A Literature Survey. SAFE Working Paper, 35. Rochester, NY.
Kroencke, T. A., Schindler, F., Sebastian, S. and Theissen, E. (2013). GDP mimicking portfolios and the cross-section of stock returns. ZEW Discussion Papers, 13–026. Mannheim.
Theissen, E., Voigt, C. and Westheide, C. (2013). Designated Market Makers in Electronic Limit Order Books – A Closer Look. SSRN Working Paper Series. Berlin [u.a.].
Andres, C., Betzer, A., van den Bongard, I. ., Haesner, C. and Theissen, E. (2012). Dividend Announcements Reconsidered: Dividend Changes Versus Dividend Surprises. SSRN Working Paper Series. Rochester, NY.
Andres, C., Fernau, E. and Theissen, E. (2012). Is It Better To Say Goodbye? When Former Executives Set Executive Pay. CFR Working Paper, 12–02. Köln.
Dettenrieder, D. and Theissen, E. (2012). The Market Reaction to Corporate Disclosure: Evidence from Germany. Midwest Finance Association 2013 Annual Meeting Paper. Mannheim ; Münster.
Theissen, E. and Zaehres, M. (2012). The Price Pressure Hypothesis Revisited: Evidence from Tax-Induced Selling. SSRN Working Paper Series. Rochester, NY.
Andres, C., Betzer, A., van den Bongard, I. ., Haesner, C. and Theissen, E. (2011). Dividend Announcements Reconsidered: Dividend Changes versus Dividend Surprises. SSRN Working Paper Series. Rochester, NY.
Gomber, P., Schweickert, U. and Theissen, E. (2011). Liquidity Dynamics in an Electronic Open Limit Order Book: An Event Study Approach. CFR Working Paper, 11–14. Köln.
Grammig, J., Theissen, E. and Wünsche, O. (2011). Time and the Price Impact of a Trade: A Structural Approach. Working Paper. Mannheim ; Tübingen.
Hengelbrock, J., Theissen, E. and Westheide, C. (2010). Market Response to Investor Sentiment. SSRN Working Paper Series. Rochester, NY.
Krahnen, J. P., Schmid, F. A. and Theissen, E. (2006). Investment Performance and Market Share : Evidence from the German Mutual Fund Industry. CFR Working Paper, 06–06. Frankfurt a. M.: Centre for Financial Research.