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Sie sind hier: FRIAS Interdisciplinary … Fellows Thomas Gehrig

Thomas Gehrig

Wirtschaftswissenschaften
Wirtschafts- und Verhaltenswissenschaftliche Fakultät
Freiburg, Deutschland

    CV

    Thomas P. Gehrig is Professor of Economic Theory at the University of Freiburg. He is a current member of the Executive Board of EARIE and has been an Associate Editor of Economica from 1996-2008. He is also a Research Fellow of CEPR and a member of the market structure research group of NBER. His research focuses on the strategic and societal role of information, its impact on individual behavior, and the design of societal institutions. This applies both to the microstructure of organized markets as well as the relation between markets and financial intermediaries. He has published in Journal of Financial Economics, European Economic Review, International Journal of Industrial Organization, Journal of Economics and Management Strategy, and many other academic journals. Among others he has contributed chapters to the Handbook of European Financial Markets and Institutions, The Economics of Cities and International Capital Markets, Edgar Elgar Series in Critical Writings in Finance. He earned his PhD at LSE in 1990 and has taught at the University of Basel and at the Kellogg School at Northwestern University. He held visiting appointments at CEMFI (Madrid), CentER (Tilburg), ECARE (Brussels), Federal Reserve Bank (Minneapolis), HECER (Helsinki), Rice University (Houston), ULP (Strasbourg), Wharton School of Economics (Philadelphia), Collegio Reale Carlo Alberto (Torino) and the Ente Luigi Einaudi (Banca, d’Italia, Roma).

     

    Ausgewählte Publikationen

    Foucault, T., Gehrig T. 2008. Stock Price Informativeness, Cross-Listings, and Investment Decisions. Journal of Financial Economics 88, 146-168.

    Gehrig T. 2008. Location of and Competition between Financial Centers. In Freixas X., Hartmann P., Mayer C. (eds): Handbook of European Financial Markets and Institutions, Oxford University Press, 619-642.

    Gehrig T., Güth W., Levati V., Levinsky, R., Ockenfels A., Uske T., Weiland T. 2007. Buying a pig in a poke: Willingness to pay for unconditional veto power. Journal of Economic Psychology 26, 692-703.

    Gehrig T., Stenbacka R. 2007. Information Sharing and Lending Market Competition with Switching Costs and Poaching. European Economic Review 51, 77-99.

    Gehrig T., Fohlin C. 2006. Trading Costs in Early Securities Markets: The Case of the Berlin Stock Exchange 1880-1910. Review of Finance 10, 585-610.

    Gehrig T. Stenbacka R. 2004. Differentiation Induced Switching Costs and Poaching. Journal of Economics & Management Strategy, 13, 635-655.

    Gehrig T. 2004. Information Acquisition and Organisational Form. Journal of Institutional and Theoretical Economics 160, 1-13.

    Gehrig T., Menkhoff L. 2004. The Use of Flow Information in Foreign Exchange Markets: Exploratory Evidence. Journal of International Money and Finance 23, 573-594.

    Gehrig T. 2000. Cities and the Geography of Financial Centers. In Thisse J.J., Huriot J.M. (eds.): The Economics of Cities, Cambridge University Press, 415-445.

    Gehrig T., Regibeau P., Rockett K. 2000. Project Evaluation and Organizational Form. Review of Economic Design 5, 2000, 387-407.

    Gehrig T., Jackson M. 1998. "Bid-Ask Spreads with Indirect Competition among Specialists. Journal of Financial Markets, 1, 89-119.

    Gehrig T. 1993. Intermediation in Search Markets. Journal of Economics & Management Strategy, 2, 97-120.

    Gehrig T. 1993. An Information Based Explanation of the Domestic Bias in International Equity Investment. The Scandinavian Journal of Economics, 97-109.

     

    FRIAS-Projekt

    The current financial crisis is characterized by a massive deterioration of liquidity and trust among participants. This can be witnessed especially in the interbank markets, which after the Lehman Brother’s debacle essentially completely dried up. How can markets be made functioning again? How can trust be restored? How can the financial system be repaired? What should be the pillars of a new financial order? These are the main issues the project attempts to address. Three main themes will be pursued:

    1. How does market information affect market liquidity and the informational content of market prices? How can such prices be useful for regulatory policies. For example,  which role should they play for accounting purposes?

    2. How should securities be priced, when arbitrage is impaired, e.g. for lack of liquidity?

    3. How do behavioural features such as ambiguity aversion and loss aversion affect market prices and market liquidity?

    Ultimately, the insights from basic research about individual behaviour and the reactions of the marekt system will provide guidance into the basic pillars a new financial order might be based upon.