Dr. Benjamin Clapham

Telephone:

+49 (0)69 798-33870

E-Mail:

clapham[at]wiwi.uni-frankfurt[dot]de

Room:

RuW, Room 2.207

Office Hours:

On Appointment

After having studied economics and business administration, Benjamin Clapham successfully completed his doctorate 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. His research interests are empirical financial market research, financial market regulation, and the automated detection of market manipulation.

 

Research Interests:

Market Microstructure

High-Frequency Trading

Securities Regulation

Market Manipulation

 

Publications:

Scientific Journals

Menkveld, Albert J.; Dreber, Anna; Holzmeister, Felix; Huber, Juergen; Johannesson, Magnus; Kirchler, Michael; Neusüss, Sebastian; Razen, Michael; Weitzel, Utz; Clapham, Benjamin; Lausen, Jens; et al.
Non-Standard Errors
In: The Journal of Finance (forthcoming); 2023
[Find It]

Clapham, Benjamin; Haferkorn, Martin; Zimmermann, Kai
The Impact of High-Frequency Trading on Modern Securities Markets – An Analysis Based on a Technical Interruption
In: Business & Information Systems Engineering, Vol. 65, No. 1, pp. 7-24; 2023
[Find It] 

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; 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] 

Clapham, Benjamin; Siering, Michael; Gomber, Peter
Popular News Are Relevant News! How Investor Attention Affects Algorithmic Decision-Making and Decision Support in Financial Markets
In: Information Systems Frontiers, Vol. 23, No. 2, pp. 477-494;  2021
[Find It]

Clapham, Benjamin; Gomber, Peter; Lausen, Jens; Panz, Sven
Liquidity Provider Incentives in Fragmented Securities Markets
In: Journal of Empirical Finance, Vol. 60, pp. 16-38;  2021
[Find It]

Clapham, Benjamin; Haferkorn, Martin; Zimmermann, Kai
Does Speed Matter? The Role of High-Frequency Trading for Order Book Resiliency
In: Journal of Financial Research, Vol. 43, No. 4, pp. 933-964;  2020
[Find It]

Lausen, Jens; Clapham, Benjamin; Siering, Michael; Gomber, Peter
Who Is the Next "Wolf of Wall Street"? Detection of Financial Intermediary Misconduct
In: Journal of the Association for Information Systems, Vol. 21, No. 5, pp. 1153-1190;  2020
[Find It]

Siering, Michael; Clapham, Benjamin; Engel, Oliver; Gomber, Peter
A Taxonomy of Financial Market Manipulations: Establishing Trust and Market Integrity in the Financialized Economy Through Automated Fraud Detection
In: Journal of Information Technology, Vol. 32, No. 3, pp. 251-269;  2017
[Find It]

Clapham, Benjamin; Zimmermann, Kai
Price Discovery and Convergence in Fragmented Securities Markets
In: International Journal of Managerial Finance, Vol. 12, No. 4, pp. 381-407;  2016
[Find It]

 

Practitioner Journals

Gomber, Peter; Clapham, Benjamin; Lausen, Jens; Panz, Sven
The Impact of MiFID II/MiFIR on European Market Structure: A Survey among Market Experts
In: The Journal of Trading, Vol. 13, No. 2, pp. 35-46;  2018
[Find It]

Gomber, Peter; Clapham, Benjamin; Haferkorn, Martin; Panz, Sven; Jentsch, Paul
Ensuring Market Integrity and Stability: Circuit Breakers on International Trading Venues
In: The Journal of Trading, Vol. 12, No. 1, pp. 42-54;  2017
[Find It]

 

Conference Proceedings

Clapham, Benjamin; Jakobs, Jenny, Schmidt, Julian; Gomber, Peter; Muntermann, Jan
A Taxonomy of Violations in Digital Asset Markets
In: Proceedings of the 44th International Conference on Information Systems; Hyderabad, India, 2023

[Find It]

Lausen, Jens; Clapham, Benjamin
Give Them a Second Chance? Prediction of Recurrent Financial Intermediary Misconduct
In: 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; 2023
[Find It]

Gomber, Peter; Clapham, Benjamin; Lausen, Jens; Panz, Sven
The MiFIR Trading Obligation: Impact on Trading Volume and Liquidity in Electronic Trading
In: Lecture Notes in Business Information Processing (LNBIP), Vol. 345, pp. 3-26, Eds.: N. Mehandjiev and B. Saadouni; Springer, Cham 2019
[Find It]

 

Books and Chapters in Books

Gomber, Peter; Clapham, Benjamin
Die Börse im Zeitalter der Digitalisierung
In: 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 2022

Clapham, Benjamin; Koch, Jascha-Alexander
Enterprise Applications, Markets and Services in the Finance Industry - Proceedings of the 10th International FinanceCom Workshop 2020 (Editorial)
In: Lecture Notes in Business Information Processing (LNBIP), Vol. 401; Springer, Cham 2020
[Find It]

Clapham, Benjamin
Integrity and Efficiency of Electronic Securities Markets: Fraud Detection, Safeguards, and the Role of High-Frequency Trading
In: Dissertation; Goethe University Frankfurt 2019

Groß, Georg; Gomber, Peter; Lausen, Jens; Clapham, Benjamin
Regulatory Reporting Solutions: (Mehr-)Wert aus regulatorischen Verpflichtungen schaffen
In: Handbuch Finanzinformationen: Der digitale Wandel und die naechste Generation von Finanzinformationssystemen, pp. 227-248, Eds.: A. Eisenhofer and K. Brooimans; FinanzBuch Verlag, Muenchen 2018
[Find It]

 

Working Papers

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
Is There a Magnet Effect of Rule-Based Circuit Breakers in Times of High-Frequency Trading?
In: 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
[Find It]

Clapham, Benjamin; Gomber, Peter; Panz, Sven
Coordination of Circuit Breakers? Volume Migration and Volatility Spillover in Fragmented Markets
In: 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
[Find It]

Clapham, Benjamin; Gomber, Peter; Haferkorn, Martin; Panz, Sven
Managing Excess Volatility: Design and Effectiveness of Circuit Breakers
In: 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;  2017
[Find It]

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.

 

Miscellaneous

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]

Clapham, Benjamin; Siering, Michael; Gomber, Peter
Investor Attention and Algorithmic Decision Making in Financial Markets
In: efl insights 01/2020; Frankfurt am Main 2020
[Find It]

Gomber, Peter; Clapham, Benjamin; Panz, Sven
Management of Market Price Risks: Regulation and Coordination of Volatility Interruptions in Europe
In: FIRM Yearbook 2018, pp. 167-168; Association for Risk Management and Regulation, Frankfurt;  2018
[Find It]

Clapham, Benjamin; Gomber, Peter; Lausen, Jens; Panz, Sven
Enhancing Market Liquidity through Liquidity Provider Incentives
In: EFL Quarterly, 1/2018; Frankfurt am Main 2018

Gomber, Peter; Clapham, Benjamin; Haferkorn, Martin; Panz, Sven; Jentsch, Paul
Circuit Breakers - A Survey among International Trading Venues
In: WFE Research Studies & Reports;  2016
[Find It]

Clapham, Benjamin; Haferkorn, Martin; Zimmermann, Kai
The Role of High-Frequency Trading for Order Book Resiliency
In: EFL Quarterly, 4/2015; Frankfurt am Main 2015

 

Journal articles

Menkveld, A. J., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., ... Lausen, J. (2023). Non-Standard Errors. The Journal of Finance, forthcoming. Link
Clapham, B., Bender, M., Lausen, J., Gomber, P. (2023). Policy Making in the Financial Industry: A Framework for Regulatory Impact Analysis Using Textual Analysis. Journal of Business Economics, 93, 1463–1514. Link
Clapham, B., Haferkorn, M., Zimmermann, K. (2023). The Impact of High-Frequency Trading on Modern Securities Markets – An Analysis Based on a Technical Interruption. Business & Information Systems Engineering, 65 (1), 7-24. Link
Bender, M., Clapham, B., Gomber, P., Koch, J.-A. (2021). To Bundle or Not to Bundle? A Review of Soft Commissions and Research Unbundling. Financial Analysts' Journal, 77 (3), 69-92. Link
Clapham, B., Siering, M., Gomber, P. (2021). Popular News Are Relevant News! How Investor Attention Affects Algorithmic Decision-Making and Decision Support in Financial Markets. Information Systems Frontiers, 23 (2), 477–494. Link
Gomber, P., Clapham, B., Lausen, J., Panz, S. (2021). Liquidity Provider Incentives in Fragmented Securities Markets. Journal of Empirical Finance, 60, 16-38. Link
Clapham, B., Haferkorn, M., Zimmermann, K. (2020). Does Speed Matter? The Role of High-Frequency Trading for Order Book Resiliency. Journal of Financial Research, 43 (4), 933-964. Link
Lausen, J., Clapham, B., Siering, M., Gomber, P. (2020). Who Is the Next "Wolf of Wall Street"? Detection of Financial Intermediary Misconduct. Journal of the Association for Information Systems, 21 (5), Article 7. Link
Siering, M., Clapham, B., Engel, O., Gomber, P. (2017). A Taxonomy of Financial Market Manipulations: Establishing Trust and Market Integrity in the Financialized Economy Through Automated Fraud Detection. Journal of Information Technology, 32 (3), 251-269. Link
Clapham, B., Zimmermann, K. (2016). Price discovery and convergence in fragmented securities markets. International Journal of Managerial Finance, 12 (4), 381-407. Link

Monographs

Clapham, B. (2019). Integrity and Efficiency of Electronic Securities Markets - Fraud Detection, Safeguards, and the role of High-Frequency Trading., Frankfurt, Germany.

Book chapters

Clapham, B., Gomber, P. (2022). Die Börse im Zeitalter der Digitalisierung. In Floto-Degener, H., Rudolph, B. (Eds.), 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). Franz Steiner.
Groß, G., Gomber, P., Lausen, J., Clapham, B. (2018). Regulatory Reporting Solutions: (Mehr-)Wert aus regulatorischen Verpflichtungen schaffen. In Eisenhofer, A. & Brooimans, K. (Eds.), Handbuch Finanzinformationen: Der digitale Wandel und die naechste Generation von Finanzinformationssystemen (pp. 227-248). Finanzbuch Verlag. Link

Contributions to Conference Proceedings

Clapham, B., Jakobs, J., Schmidt, J., Gomber, P., Muntermann, J. (2023). A Taxonomy of Violations in Digital Asset Markets. Proceedings of the International Conference on Information Systems (ICIS), India. Link
Clapham, B., Lausen, J. (2023). Give Them a Second Chance? Prediction of Recurrent Financial Intermediary Misconduct. Lecture Notes in Business Information Processing.
Clapham, B., Koch, J.-A. (2020). Enterprise Applications, Markets and Services in the Finance Industry - Proceedings of the 10th International FinanceCom Workshop. Lecture Notes in Business Information Processing, Helsinki, Finland. Link
Gomber, P., Clapham, B., Lausen, J., Panz, S. (2019). The MiFIR Trading Obligation: Impact on Trading Volume and Liquidity in Electronic Trading. Lecture Notes in Business Information Processing, Manchester, Great Britain. Link

Applied Research

Clapham, B., Bender, M., Lausen, J., Gomber, P. (2023). Regulatory Impact Analysis in Case of Unstructured Data. efl insights, pp. 6-8. Link
Clapham, B., Siering, M., Gomber, P. (2020). Investor Attention and Algorithmic Decision Making in Financial Markets., pp. 6-8.
Gomber, P., Clapham, B., Panz, S. (2018). Management of Market Price Risks: Regulation and Coordination of Volatility Interruptions in Europe. FIRM Yearbook, pp. 167-168.
Gomber, P., Clapham, B., Lausen, J., Panz, S. (2018). The Impact of MiFID II/MiFIR on European Market Structure: A Survey among Market Experts. The Journal of Trading, 13 (2), 35-46. Link
Clapham, B., Gomber, P., Lausen, J., Panz, S. (2018). Enhancing Market Liquidity through Liquidity Provider Incentives. EFL Quarterly, 2018 (1), 6-8.
Gomber, P., Clapham, B., Haferkorn, M., Panz, S., Jentsch, P. (2017). Ensuring Market Integrity and Stability - Circuit Breakers on International Trading Venues. The Journal of Trading, 12 (1), 42-54. Link
Clapham, B., Haferkorn, M., Zimmermann, K. (2015). The Role of High-Frequency Trading for Order Book Resiliency. EFL Quarterly, 2015 (4), 4-5.

Current position

From 2019: Postdoctoral Researcher, Chair of e-Finance (Prof. Dr. Peter Gomber) (Goethe University, Frankfurt, Germany)

Former position

2015 - 2019: Teaching Assistant, Chair of e-Finance (Prof. Dr. Peter Gomber) (Goethe University, Frankfurt, Germany)

Awards

2021: AIS Best Information Systems Publications Award (Association for Information Systems, Atlanta, United States of America)
2020: FIRM Research Award for the dissertation "Integrity and Efficiency of Electronic Securities Markets: Fraud Detection, Safeguards, and the Role of High-Frequency Trading" (Frankfurt Institute for Risk Management and Regulation, Frankfurt, Germany)
2020: Best Paper Award for the publication "Who Is the Next 'Wolf of Wall Street'? Detection of Financial Intermediary Misconduct", (Journal of the Association for Information Systems)
2017: Plato MI3 Best Paper Award (Centre for Economic Policy Research, London, Great Britain)
2015: Maravon Markets Award for the master's thesis "Price Discovery in Fragmented Markets - An Event Study Based on Trading Data from Deutsche Börse and BATS Chi-X Europe" (Maravon GmbH, Frankfurt, Germany)
2013: QuestBack Science Award 2013 for the bachelor thesis "Financial Valuation of Facebook" (Duale Hochschule Baden-Württemberg, Stuttgart, Germany)

Summer 2023

Microstructure of Financial Markets

Winter 2022 / 2023

Microstructure of Financial Markets
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