Research   (selected until 2005)

Foreign Exchange Intervention: A New Database (with Marcel Fratzscher, Tobias Heidland, Lucio Sarno and Maik Schmeling), IMF Economic Review 71:4 (2023), 852-884. CEPR DP 17558, DP, VoxEU, Dataset.

The Effectiveness of FX Interventions: A Meta-Analysis (with Lucía Arango-Lozano, Daniela Rodríguez-Novoa and Mauricio Villamizar-Villegas), Journal of Financial Stability, 100794, forthcoming. DIW DP 1895.

The Dynamic Impact of FX Interventions on Financial Markets (with Malte Rieth and Tobias Stöhr), Review of Economics and Statistics 103:5 (2021), 939-953. Open access, DIW DP 1854.

When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries (with Marcel Fratzscher, Oliver Gloede, Lucio Sarno and Tobias Stöhr), American Economic Journal: Macroeconomics 11:1 (2019), 132-156. CEPR DP 12510, DIW DP 1518, VoxEU.

Currency Value (with Lucio Sarno, Maik Schmeling and Andreas Schrimpf), Review of Financial Studies 30:2 (2017), 416-441. CEPR DP 11324, SSRN, VoxEU.

Information Flows in Foreign Exchange Markets: Dissecting Customer Currency Trades (Lucio Sarno, Maik Schmeling, Andreas Schrimpf), Journal of Finance 71:2 (2016), 601-633. SSRN.

Exchange Rate Forecasts and Expected Fundamentals (with Christian D. Dick and Ronald MacDonald), Journal of International Money and Finance 53 (2015), 235-256. earlier ZEW DP 11-062.

Exchange Rate Expectations of Chartists and Fundamentalists (with Christian D. Dick), Journal of Economic Dynamics and Control 37:7 (2013), 1362-1383. CESifo WP 4181.

Foreign Exchange Intervention in Emerging Markets: A Survey of Empirical Studies, The World Economy 36:9 (2013), 1187-1208. Univ of Hannover DP 498.

Currency Momentum Strategies (with Lucio Sarno, Maik Schmeling and Andreas Schrimpf), Journal of Financial Economics 106:3 (2012), 660-684. CEPR DP 8747, BIS WP 366, VoxEU.

What Do We Know about Real Exchange Rate Non-Linearities? (with Robinson Kruse, Michael Frömmel and Philipp Sibbertsen), Empirical Economics 43:2 (2012), 457-474. CREATES DP 2009-50.

Carry Trades and Global Foreign Exchange Volatility (with Lucio Sarno, Maik Schmeling and Andreas Schrimpf), Journal of Finance 67:2 (2012), 681-718. CEPR DP 8291, SSRN, VoxEU.

Price Discovery in Foreign Exchange Markets (with Carol Osler and Alexander Mende), Journal of International Money and Finance 30:8 (2011), 1696-1718. earlier EFA 2006 version.

Trader See, Trader Do: How Do (Small) FX Traders React to Large Counterparties’ Trades? (with Maik Schmeling), Journal of International Money and Finance 29:7 (2010), 1283-1302. SSRN.

Limit-Order Submission Strategies under Asymmetric Information (with Carol L. Osler and Maik Schmeling), Journal of Banking and Finance 34:11 (2010), 2665-2677. CESifo WP 3054.

Whose Trades Convey Information? Evidence from a Cross-Section of Traders (with Maik Schmeling), Journal of Financial Markets 13:1 (2010), 101-128. earlier version SSRN, Univ of Hannover DP 357.

High-frequency Analysis of Foreign Exchange Interventions: What Do We Learn? Journal of Economic Surveys 24:1 (2010), 85-112. CESifo WP 2473.

Exchange Rate Management in Emerging Economies: Intervention via an Electronic Limit Order Book (with Michael Melvin and Maik Schmeling), Journal of International Economics 79:1 (2009), 54-63. CESifo WP 2656.

Heterogeneity in Exchange Rate Expectations: Evidence on the Chartist-Fundamentalist Approach (with Rafael R. Rebitzky and Michael Schröder), Journal of Economic Behavior and Organization 70:1/2 (2009), 241-252. CESifo WP 2502.

Local Information in Foreign Exchange Markets (with Maik Schmeling), Journal of International Money and Finance 27:8 (2008), 1383-1406. Univ of Hannover DP 331.

Investor Sentiment in the US-Dollar: Longer-Term, Non-Linear Orientation on PPP (with Rafael Rebitzky), Journal of Empirical Finance 15:3 (2008), 455-467. Univ of Hannover DP 376.

Do Dollar Forecasters Believe too Much in PPP? (with Rafael Rebitzky and Michael Schröder), Applied Economics 40:3 (2008), 261-270. Univ of Hannover DP 321.

Order Flows, News and Exchange Rate Volatility (with Michael Frömmel and Alexander Mende), Journal of International Money and Finance 27:6 (2008), 994-1012. SSRN.

The Obstinate Passion of Foreign Exchange Professionals: Technical Analysis (with Mark P. Taylor), Journal of Economic Literature 45:4 (2007), 936-972. Warwick Econ Research Papers 679.

Profits and Speculation in Intra-Day Foreign Exchange Trading (with Alexander Mende), Journal of Financial Markets 9:3 (2006), 223-245. Univ of Hannover DP 339.

Extended Evidence on the Use of Technical Analysis in Foreign Exchange (with Thomas Gehrig), International Journal of Finance and Economics 11:4 (2006), 327-338. Univ of Hannover DP 278 (earlier title) 

The Rise of Fund Managers in Foreign Exchange: Will Fundamentals Ultimately Dominate? (with Thomas Gehrig), The World Economy 28:4 (2005), 519-540. Univ of Hannover DP 308.

Markov Switching Regimes in a Monetary Exchange Rate Model (with Michael Frömmel and Ronald MacDonald), Economic Modelling 22:3 (2005), 485-502. [reprinted in: Ronald MacDonald, Exchange Rate Economics – Selected Essays, Cheltenham: E. Elgar, 2009, chap.7.] Univ of Hannover DP 266.

The Use of Flow Analysis in Foreign Exchange: Exploratory Evidence (with Thomas Gehrig), Journal of International Money and Finance 23:4 (2004), 573-594. SSRN.

Tobin Tax Effects Seen from the Foreign Exchange Market’s Microstructure (with Alexander Mende), International Finance 6:2 (2003), 227-247. Univ of Hannover DP 268.

Short-term Horizons in Foreign Exchange? Survey Evidence from Dealers and Fund Managers, Kyklos 54:1 (2001), 27-47.

Risk Reduction in the EMS? Evidence from Trends in Exchange Rate Properties (with Michael Frömmel), Journal of Common Market Studies 39:2 (2001), 285-306.

The Noise Trading Approach  Questionnaire Evidence from Foreign Exchange, Journal of International Money and Finance 17:3 (1998), 547-564.

Examining the Use of Technical Currency Analysis, International Journal of Finance and Economics 2:4 (1997), 307-318.

The Multifaceted Impact of US Trade Policy on Financial Markets (with Lukas Boer and Malte Rieth), Journal of Applied Econometrics 38:3 (2023), 388-406. Open Access, DIW DP 1956, Policy paper.

Tax Evasion in New Disguise? Examining Tax Havens’ International Bank Deposits (with Jakob Miethe), Journal of Public Economics 176 (2019), 53-78. DIW DP 1711, Policy paper.

Politicians’ Promotion Incentives and Bank Risk Exposure in China (with Li Wang, Michael Schröder and Xian Xu), Journal of Banking and Finance 99 (2019), 63-94. DIW DP 1771.

Equity Premium Prediction: Are Economic and Technical Indicators Unstable? (with Fabian Baetje), International Journal of Forecasting 32:4 (2016), 1193-1207. DIW DP 1552.

Financial Conditions, Macroeconomic Factors and Disaggregated Bond Excess Returns (with Christoph Fricke), Journal of Banking and Finance 58 (2015), 80-94. Bundesbank DP 35/2014.

Financial Professionals’ Overconfidence: Is It Experience, Function or Attitude? (with Oliver Gloede), European Financial Management 20:2 (2014), 236-269. Univ of Hannover DP 428.

Overconfidence, Experience, and Professionalism: An Experimental Study (with Maik Schmeling and Ulrich Schmidt), Journal of Economic Behavior and Organization 86:1 (2013), 92-101. Kiel WP 1612.

Are Momentum Traders Different? Implications for the Momentum Puzzle, Applied Economics 43:29 (2011), 4415-4430. Univ of Hannover DP 448.

Does the “Bund” Dominate Price Discovery in Euro Bond Futures? Examining Information Shares (with Christoph Fricke), Journal of Banking and Finance 35:5 (2011), 1057-1072. Univ of Hannover DP 449.

Do Women Manage Smaller Funds? (with Olaf Hübler), Scottish Journal of Political Economy 58:1 (2011), 107-126. IZA DP 4771.

Are All Professional Investors Sophisticated? (with Maik Schmeling and Ulrich Schmidt), German Economic Review 11:4 (2010), 418-440. Univ of Hannover DP 397.

The Use of Technical Analysis by Fund Managers: International Evidence, Journal of Banking and Finance 34:11 (2010), 2573-2586. Univ of Hannover DP 446.

Professionals’ Endorsement of Behavioral Finance: Does It Impact their Perception of Markets and Themselves? (with Marina Nikiforow), Journal of Economic Behavior and Organization 71:2 (2009), 318-329. Univ of Hannover DP 392.

Bonus Payments and Fund Managers’ Behavior: Trans-Atlantic Evidence (with Thomas P. Gehrig and Torben Lütje), CESifo Economic Studies 55:3/4 (2009), 569-594. Univ of Hannover DP 411.

Will Women Be Women? Analyzing the Gender Difference among Financial Experts (with Daniela Beckmann), Kyklos 61:3 (2008), 364-384. Univ of Hannover DP 391.

Does Culture Influence Asset Managers’ Views and Behavior? (with Daniela Beckmann and Megumi Suto), Journal of Economic Behavior and Organization 67:3/4 (2008), 624-643. Univ of Hanover DP 367.

What Drives Home Bias? Evidence from Fund Managers’ Views (with Torben Lütje), International Journal of Finance and Economics 12:1 (2007), 21-35. Univ of Hannover DP 296.

A Prospect-Theoretical Interpretation of Momentum Returns (with Maik Schmeling), Economics Letters 93:3 (2006), 360-366. Univ of Hannover DP 335.

Robust Lessons about Practical Early Warning Systems (with Daniela Beckmann and Katja Sawischlewski), Journal of Policy Modeling 28:2 (2006), 163-183. Univ of Hannover DP 322.

The Impact of Experience on Risk Taking, Overconfidence, and Herding of Fund Managers: Complementary Survey Evidence (with Ulrich Schmidt and Torsten Brozynski), European Economic Review 50:7 (2006), 1753-1766. Univ of Hannover DP 292. 

The Use of Trading Strategies by Fund Managers: Some First Survey Evidence (with Ulrich Schmidt), Applied Economics 37:15 (2005), 1719-1730. Univ of Hannover DP 314.

Are Foreign Institutional Investors Good for Emerging Markets? (with Michael Frenkel), The World Economy 27:8 (2004), 1275-1293. Univ of Hannover DP 283.

Financial Education Affects Financial Knowledge and Downstream Behaviors (with Tim Kaiser, Annamaria Lusardi and Carly Urban), Journal of Financial Economics 145 (2022), 255-272. NBER WP 27057, CEPR DP 14741, DIW DP 1864, VoxEU, Related policy paper.

Active Learning Improves Financial Education: Experimental Evidence from Uganda (with Tim Kaiser), Journal of Development Economics 157 (2022), 102870. CESifo WP 9661.

Mobile Money, Financial Inclusion, and Unmet Opportunities. Evidence from Uganda (with Jana S. Hamdan and Katharina Lehmann-Uschner), Journal of Development Studies 58:4 (2022), 671-691. Open access, Related policy paper.

The Effect of Personalized Feedback on Small Enterprises’ Finances in Uganda (with Antonia Grohmann and Helke Seitz), Economic Development and Cultural Change 70:3 (2022), 1197-1227. DIW DP 1823.

Financial Literacy: Thai Middle-Class Women Do Not Lag Behind (with Antonia Grohmann, Olaf Hübler and Roy Kouwenberg), Journal of Behavioral and Experimental Finance 31 (2021), 100537. earlier DIW DP 1615.

Financial Education in Schools: A Meta-Analysis of Experimental Studies (with Tim Kaiser), Economics of Education Review 78 (2020), 101930. CESifo WP 7395.

Does Financial Literacy Improve Financial Inclusion? Cross Country Evidence (with Antonia Grohmann and Theres Klühs), World Development 111 (2018), 84-96. DIW DP 1682, Policy paper.

Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When? (with Tim Kaiser), World Bank Economic Review 31:3 (2017), 611-630. DIW DP 1562.

Childhood Roots of Financial Literacy (with Antonia Grohmann and Roy Kouwenberg), Journal of Economic Psychology 51 (2015), 114-133. DIW DP 1504, Policy paper.

Risky Asset Holdings during Covid-19 and their Distributional Impact: Evidence from Germany (with Carsten Schröder), Review of Income and Wealth 68:2 (2022), 497-517. Open access, DIW DP 1962.

Coupled Lotteries – A New Method to Analyze Inequality Aversion (with Melanie Koch and Ulrich Schmidt), Journal of Economic Behavior and Organization 191 (2021), 236-256. earlier CRC/TRR-190 DP 185.

Corruption and Cheating: Evidence from Rural Thailand (with Olaf Hübler, Melanie Koch and Ulrich Schmidt), World Development 145 (2021), 105526. DIW DP 1917.

Estimating Risky Behavior with Multiple-Item Risk Measures (with Sahra Sakha), Journal of Economic Psychology 59 (2017), 59-86. DIW DP 1608, Policy paper.

Allais for the Poor: Relations to Ability, Information Processing and Risk Attitudes (with Tabea Herrmann, Olaf Hübler and Ulrich Schmidt), Journal of Risk and Uncertainty 54:2 (2017), 129-156. DIW DP 1645.

Shocks, Individual Risk Attitude, and Vulnerability to Poverty among Rural Households in Thailand and Vietnam (with Oliver Gloede and Hermann Waibel), World Development 71 (2015), 54-78. Univ of Hannover DP 508.

Experimentally Validated Survey Evidence on Individual Risk Attitudes in Rural Thailand (with Bernd Hardeweg and Hermann Waibel), Economic Development and Cultural Change 61:4 (2013), 859-888. Univ of Hannover DP 464.

Collateral and Its Substitutes in Emerging Markets’ Lending (with Doris Neuberger and Ornsiri Rungruxsirivorn), Journal of Banking and Finance 36:3 (2012), 817-834. CESifo WP 3585.

Do Village Funds Improve Access to Finance? Evidence from Thailand (with Ornsiri Rungruxsirivorn), World Development 39:1 (2011), 110-122. earlier Univ of Hannover DP 417.

Financial Liberalization in Emerging Markets: How Does Bank Lending Change? (with Olaf Hübler and Chodechai Suwanaporn), The World Economy 31:3 (2008), 393-415. Univ of Hannover DP 364.

On the Rationale of Bank Lending in Pre-Crisis Thailand (with Chodechai Suwanaporn), Applied Economics 39:9 (2007), 1077-1089. Univ of Hannover DP 326.

10 Years after the Crisis: Thailand’s Financial System Reform (with Chodechai Suwanaporn), Journal of Asian Economics 18:1 (2007), 4-20. Univ of Hannover DP 356.

Collateral-Based Lending in Emerging Markets: Evidence from Thailand (with Doris Neuberger and Chodechai Suwanaporn), Journal of Banking and Finance 30:1 (2006), 1-21. SSRN.  

Human Development as Statistical Artifact (with Guido Lüchters), World Development 24:8 (1996), 1385-1392.