Micha Bender


+49 (0)69 798-33857




RuW, Room 2.265

Office Hours:

On Appointment

Micha Bender received his Bachelor’s degree in Business Education from Goethe University. Afterwards, he completed his Master’s degree in Business Administration at Goethe University. During his studies he worked as a student assistant at the chair of e-Finance and studied a semester abroad at HEC Liège in Belgium. In his thesis, he analyzed and classified risks in the financial market context based on machine learning algorithms. Micha Bender gained professional experience working at Accenture, KfW Entwicklungsbank, PricewaterhouseCoopers (PwC), Deutsche Bank and J.P. Morgan.

Since January 2020, Micha Bender is research assistant at the chair of e-Finance.

Research Interests:

Market Microstructure
Algorithmic and High Frequency Trading
Market Quality & Design
Financial Text Mining




Scientific Journals

Clapham, Benjamin; Bender, Micha; Lausen, Jens; Gomber, Peter
Policy Making in the Financial Industry: A Framework for Regulatory Impact Analysis Using Textual Analysis
In: Journal of Business Economics, Vol. 93, pp. 1463-1514; 2023
[Find It]

Bender, Micha; Panz, Sven
A General Framework for the Identification and Categorization of Risks: An Application to the Context of Financial Markets
In: Journal of Risk, Vol. 23, No. 4, pp. 21-49 2021
[Find It]


Bender, Micha; Clapham, Benjamin; Gomber, Peter; Koch, Jascha-Alexander
To Bundle or Not to Bundle? A Review of Soft Commissions and Research Unbundling
In: Financial Analysts Journal, Vol. 77, No. 3, pp. 69-92;  2021
[Find It]


Practitioner Journals

Bender, Micha; Cestonaro, Tino; Gomber, Peter; Koch, Jascha-Alexander
Research Unbundling and COVID-19: Will Europe's Capital Markets Recovery Package Help?
In: Journal of Investing, Vol. 31, No. 1, pp. 96-107;  2021


Conference Proceedings

Bender, Micha; Frank, Sebastian; Panz, Sven
Dynamics of Trending Topics Between Social Media, News, and Scientific Literature
In: Proceedings of the 30th European Conference on Information Systems (ECIS 2022); Timisoara, Romania 2022


Working Papers

Bender, Micha; Clapham, Benjamin; Schwemmlein, Benedikt (2023)
Shifting Volumes to the Close: Consequences for Price Discovery and Market Quality

In: Working Paper, presented at European Financial Management Association (EFMA) Annual Meeting 2023, Cardiff, UK;  39th International Conference of the French Finance Association (AFFI 2023), Bordeaux, France; and 63rd Annual Meeting of the Southern Finance Association (SFA 2023), Fajardo, Puerto Rico.[Find It]

Bender, Micha; Cestonaro, Tino; Schmidt, Julian (2023)
Lead-Lag Relationships in Market Microstructure
In: Working Paper, presented at London/Oxford/Warwick Financial Mathematics Workshop 2023, London, UK; Oxford Man-Institute Seminar 2023, Oxford, UK; Man AHL Seminar 2023, Oxford, UK; and SWFA 2024, Las Vegas, United States.

Lausen, Jens; Clapham, Benjamin; Gomber, Peter; Bender, Micha
Drivers and Effects of Stock Market Fragmentation - Insights on SME Stocks
In: 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;  2021
[Find It]



Clapham, Benjamin; Bender, Micha; Lausen, Jens; Gomber, Peter
Regulatory Impact Analysis in Case of Unstructured Data
In: efl insights 01/2023; Frankfurt am Main 2023
[Find It]