Prof. Priv.-Doz. Dr. Thomas Stöckl

Deputy Head of Department & StudiesProfessor +43 512 2070 - 3111 thomas.stoeckl@mci.edu
Prof. Priv.-Doz. Dr. Thomas Stöckl


Professional work experience
  • 07/2018 - present
    Professor and Deputy Head of Department & Studies "Business & Management (BA)" - MCI | The Entrepreneurial School®
  • 10/2015 - 06/2018
    Lecturer at the Department "Business Administration Online" - MCI | The Entrepreneurial School®
  • 09/2010 - 09/2015
    Assistent Professor (post-doc) - University of Innsbruck
  • 08/2010 - 09/2010
    Visting scholar - California Institute of Technology (CalTech)
  • 08/2010 - 08/2010
    Visiting lecturer - University of Aarhus
  • 05/2009 - 09/2010
    Research assistant - University of Innsbruck
  • 04/2008 - 04/2009
    Project assistent - University of Innsbruck
Education
  • 03/2017 - 03/2017
    Prof. - MCI | The Entrepreneurial School®
    Appointment Professor
  • 04/2015 - 04/2015
    Priv.Doz. - University of Innsbruck
    Habilitation (venia docendi, postdoctoral lecture qualification)
  • 03/2007 - 05/2010
    Dr. - University of Innsbruck
    Doctoral programme in Social and Economic Sciences
  • 10/2002 - 03/2007
    Mag. - University of Innsbruck
    Business Administration
  • 10/2002 - 06/2007
    Mag. - University of Innsbruck
    Political Economy
Teaching (faculty internships etc.)
  • 06/2022 - 06/2022
    WU Executive Education (Group Graduate Program, Erste Group)
    Corporate Finance
  • 01/2020 - 01/2020
    WU Executive Education (Group Graduate Program, Erste Group)
    Corporate Finance
  • 01/2016 - present
    MCI | The Entrepreneurial School®
    Business Research Coaching; International Studies - Global Financial Markets; Quantitative Methods of Empirical Research; R - an Introduction; Financial & Management Accounting; Fundamentals of Mathematics, Statistics, and Research Methods; Selected Topics in Business Practice; Investment and Finance; Financial Risk Management; Corporate Finance; Financial Markets; Case Study; Supervison of Bachelor and Master theses.
  • 08/2012 - 08/2012
    ASB Summer University Aarhus
    Behavioral and Experimental Finance
  • 05/2012 - 05/2014
    University of Applied Sciences Kufstein
    From Lehman to the Sovereign Debt Crisis
  • 03/2008 - 02/2016
    University of Innsbruck
    Applied Empirical Finance; Decision Making; Investments and Finance; Experimental Finance; Financial Management; Research Methods and Models; Basics in Microeconomics (in total more than 30 courses in Bachelor and Master studies).
Competitive Research Award
  • 10/2018 - 10/2018
    MCI | The Entrepreneurial School®
    Preis der Landeshauptstadt Innsbruck für Forschung und Innovation am MCI 2018 (EUR 2,500)
  • 07/2018 - 07/2018
    Österreichische Nationalbank Jubiläumsfonds
    Projektförderung (EUR 147.000, 3 Jahre)
  • 01/2018 - 01/2018
    Tiroler Wissenschaftsförderung
    Research grant (EUR 6.190)
  • 03/2013 - 03/2013
    UniCredit & Universities
    Modigliani Research Grant 4th edition (EUR 20.000)
  • 01/2013 - 12/2013
    University of Innsbruck, Hypo Tirol Bank
    Research grant 2013 (EUR 2.000)
  • 01/2010 - 12/2010
    University of Innsbruck
    Young scientists grant (EUR 12.000)
  • 01/2006 - 12/2006
    University of Innsbruck
    PhD. stipend 2006/07
  • 06/2005 - 06/2005
    University of Innsbruck
    Grant of achievement
  • 06/2004 - 06/2004
    University of Innsbruck
    Grant of achievement
  • University of Innsbruck
    Research grant 2005, 2008, 2009, 2010
Further education & Training
  • 2014 - 2014
    University of Innsbruck
    Certificate Career Management
  • 2010 - 2014
    University of Innsbruck
    Certificate Teaching Competence
Other
  • 01/2015 - 12/2020
    Member of the European Finance Association
  • 01/2014 - 12/2015
    Member of the faculty counsil and the curriculum counsil at the School of Management, University of Innsbruck
  • 01/2013 - present
    Member of the Society for Experimental Finance (SEF); Between 2013 and 2016 I served as the society's treasurer. www.experimentalfinance.org
  • 01/2013 - present
    Member of the Economic Science Association (ESA)
  • 01/2012 - present
    Member of GfeW - Gesellschaft für experimentelle Wirtschaftsforschung e.V.
  • 01/2011 - present
    Ad-hoc referee: Decisions in Economics and Finance, Econometrica, Empirical Economics, European Economic Review, Experimental Economics, Financial Markets and Portfolio Management, German Economic Review, Italian Economic Journal, Journal of Banking and Finance, Journal of Behavioral and Experimental Finance, Journal of Behavioral Finance, Journal of Economic Behavior & Organization, Journal of Economic Dynamics and Control, Journal of Evolutionary Economics, Journal of Socio-Economics, Management Science, Quarterly Review of Economics and Finance, Review of Economics and Statistics, The Journal of Finance, zfbf.
Peer reviewed journal article
  • Schmidt, D., Stöckl, T., & Palan, S. (2024). Voting for insider trading regulation. An experimental study of informed and uninformed traders' preferences. Journal of Banking and Finance, 169, 107295. doi: https://doi.org/10.1016/j.jbankfin.2024.107295
  • Fišar, M., Greiner, B., Huber, C., Katok, E., Ozkes, A., and the Management Science Reproducibility Collaboration (2023). Reproducibility in Management Science, Management Science, ahead of print. https://doi.org/10.1287/mnsc.2023.03556 (as member of the Management Science Reproducibility Collaboration)
  • Merl, R., Palan, S., Schmidt, D. & Stöckl, T. (2023). Insider trading regulation and trader migration. Journal of Financial Markets, 66, p. 100839. 10.1016/j.finmar.2023.100839
  • Huber, J., Hueber, L., Kleinlercher, D., & Stöckl, T. (2022). Acceptance or rejection of welfare migration — an experimental investigation. SN Bus Econ 2, 179. https://doi.org/10.1007/s43546-022-00356-6
  • Merl, R., Stöckl, T., & Palan, S. (2022). Insider trading regulation and shorting constraints. Evaluating the joint effects of two market interventions, Journal of Banking and Finance, https://doi.org/10.1016/j.jbankfin.2022.106490
  • Kleinlercher, D., & Stöckl, T. (2021). Thou shalt not trade -- An analysis of the violations of no-trade predictions in experimental asset markets. Journal of Behavioral and Experimental Finance, 32, 100590.
  • Hirota S., Huber J., Stöckl T., & Sunder S. (2022). Speculation, Money Supply and Price Indeterminacy in Financial Markets: An Experimental Study. Journal of Economic Behavior & Organization, 200, p. 1275-1296. https://doi.org/10.1016/j.jebo.2020.06.010
  • Stöckl, T., & Palan, S., (2018). Catch me if you can. On the ability of human subjects to identify insiders in asset markets. Journal of Economic Psychology, 67, 1-17.
  • Kleinlercher D. & Stöckl T. (2018), On the provision of incentives in finance experiments. Experimental Economics, 21(1), 154-179. doi:10.1007/s10683-017-9530-7
  • Palan, S., & Stöckl, T. (2017). When chasing the offender hurts the victim: The case of insider legislation. Journal of Financial Markets, 35, 104-129, https://doi.org/10.1016/j.finmar.2016.07.002.
  • Huber, J., Kirchler, M., & Stöckl, T. (2016). The influence of investment experience on market prices: laboratory evidence. Experimental Economics, 19 (2), 394-411, doi:10.1007/s10683-015-9445-0.
  • Stöckl, T. (2015). Dishonest or professional behavior? Can we tell? A comment on: Cohn et al. 2014, Nature 516, 86-89, Business culture and dishonesty in the banking industry. Journal of Behavioral and Experimental Finance, 8, 64-67, doi:10.1016/j.jbef.2015.10.003
  • Stöckl, T., Huber, J., Kirchler, M., & Lindner, F. (2015). Hot hand and gambler's fallacy in teams: Evidence from investment experiments. Journal of Economic Behavior & Organization, 117, 328-339. doi:10.1016/j.jebo.2015.07.004
  • Stöckl, T., Huber, J., & Kirchler, M. (2015). Multi-period experimental asset markets with distinct fundamental value regimes. Experimental Economics, 18(2), 314-334. doi:10.1007/s10683-014-9404-1
  • Stöckl, T., Huber, J., & Kirchler, M. (2015). Erratum to: Multi-period experimental asset markets with distinct fundamental value regimes. Experimental Economics, 18(4), 756-759. doi:10.1007/s10683-015-9441-4
  • Stöckl, T., & Kirchler, M. (2014). Trading behavior and profits in experimental asset markets with asymmetric information. Journal of Behavioral and Experimental Finance, 2, 18-30. doi:10.1016/j.jbef.2014.03.001
  • Stöckl, T. (2014). Price efficiency and trading behavior in limit order markets with competing insiders. Experimental Economics, 17(2), 314-334. doi:10.1007/s10683-013-9369-5
  • Kirchler, M., Huber, J., & Stöckl, T. (2012). Thar she bursts: Reducing confusion reduces bubbles. American Economic Review, 102(2), 865-883. doi:10.1257/aer.102.2.865
  • Huber, J., Kirchler, M., & Stöckl, T. (2010). The hot hand belief and the gambler's fallacy in investment decisions under risk. Theory and Decision, 68(4), 445-462. doi:10.1007/s11238-008-9106-2
  • Stöckl, T., Huber, J., & Kirchler, M. (2010). Bubble measures in experimental asset markets. Experimental Economics, 13(3), 284-298. doi:10.1007/s10683-010-9241-9
Chapters in books
  • Schmidt, D., & Stöckl, T. (2022). Asset Market Experiments with Diverse Information. Chapter 24, 323-346, HANDBOOK OF EXPERIMENTAL FINANCE, Sascha Füllbrunn and Ernan Haruvy (eds), Edward Elgar Publishing.
  • Seeler J.M., Fuchs, A., Stöckl, T., & Sixl-Daniell, K. (2019). Whistleblowing and Culture - A Case for CSR in Developing Markets, in International Dimensions of Sustainable Management, Eds: Rene Schmidpeter, Nicholas Capaldi, Samuel O. Idowu, Anika Lotter, Springer International Publishing. Doi: 10.1007/978-3-030-04819-8.
Peer reviewed academic/professional meeting proceedings
  • Stöckl, T. (2013). The influence of fundamental value information accuracy and emotional priming on laboratory asset market prices. ESA World Meeting 2013, July 11-14, Zurich, Switzerland.
  • Stöckl, T. (2013). The influence of fundamental value information accuracy and emotional priming on laboratory asset market prices. Experimental Finance Conference 2013, June 27-29, Tilburg, The Netherlands.
  • Stöckl, T. (2013). Price efficiency and trading behavior in limit order markets with competing insiders. 9th International Meeting of Experimental and Behavioral Economics IMEBE 2013, April 11-13, Madrid, Spain.
  • Stöckl, T. (2012). Price efficiency and trading behavior in limit order markets with competing insiders. 27th Workshop of the Austrian Working Group on Banking and Finance AWG 2012, November 23-24, Innsbruck, Austria.
  • Stöckl, T. (2012). How insiders shape a market - Evidence from experimental limit order markets. ESA World Meeting 2012, June 21-24, New York, New York, USA.
  • Stöckl, T. (2011). Insider trading in experimental limit order markets. Experimental Finance Conference 2011, September 22-24, Innsbruck, Austria.
  • Stöckl, T. (2011). Multi-period experimental asset markets with different fundamental value regimes. 11th Society for the Advancement of Economic Theory Conference SAET 2011, June 26 - July 1, Faro, Portugal.
  • Stöckl, T. (2010). The impact of communication and group decision making on behavioral biases in simple investment decision experiments. 5th Nordic Behavioral and Experimental Economics Conference 2010, November 12-13, Helsinki, Finland.
  • Stöckl, T. (2010). Trading strategies and trading profits in experimental asset markets with cumulative information. Experimental Finance Symposium 2010, October 7-9, Gothenburg, Sweden.
  • The impact of communication and group decision making on the hot hand belief and the gambler's fallacy - Evidence from stylized investment decision experiments. 4th Nordic Conference on Behavioral and Experimental Economics, Oslo, Norway.
  • Trading regulations and market efficiency - Experimental evidence from two different market models. 4th Nordic Conference on Behavioral and Experimental Economics, Oslo, Norway.
  • Dynamic trading strategies and profits in experimental asset markets with cumulative information. ESA - European Meeting, Innsbruck, Austria.
  • Trading regulations and market efficiency - Experimental evidence from two different market models. First International Workshop on Managing financial instability in capitalistic economies (MAFIN), Reykjavik, Iceland.
  • Bubble or no Bubble - The impact of market model on the formation of price bubbles in experimental asset markets. 23rd Workshop of the Austrian Working Group on Banking and Finance, Vienna, Austria.
  • Bubble or no Bubble - The impact of market model on the formation of price bubbles in experimental asset markets. 3rd Nordic Conference on Behavioral and Experimental Economics, Copenhagen, Denmark.
  • The Guru Game: Behavioural Anomalies in Random Walk Decisions. ESA World Meeting, LUISS Rome, Italy.
Presentation of a paper at a conference, workshop or seminar
  • Herrmann-Romero, M., Liegl, S., Angerer, M., & Stöckl, T. (2023). Golden Eye - How Traders Focus on and Select Information. Experimental Finance Conference 2023, Sofia, Bulgaria.
  • Schmidt, D., Stöckl, T., & Palan, S. (2023). Voting for insider trading regulation. Innsbruck Spring Summit - (Un)Ethical Behavior in Markets, Innsbruck, Austria.
  • Herrmann-Romero M., Liegl S., Angerer M., & Stöckl T. (presenter) (2022). Golden Eye - How Traders Screen Information in Experimental Asset Markets. 37th Workshop of the Austrian Working Group on Banking and Finance (AWG), September 23-24, Klagenfurt, Austria.
  • Merl, R., Stöckl, T. (presenter), & Palan, S. (2022). Insider trading regulation and shorting constraints. Evaluating the joint effects of two market interventions. Regulation Research Conference 2022, April 5-6, Universität Regensburg, Germany.
  • Merl, R., Palan, S., Schmidt, D., Stöckl T. (presenter) (2021). Insider trading regulation and trader migration. SEF Online Meeting 2021 (online), November 2021.
  • Stöckl, T. (presenter), Palan, N., & Palan, S. (2021). Analyzing concentration patterns in experimental asset markets. ESA Around-the-Clock Meeting 2021 (online), July 7-9.
  • Merl, R., Stöckl, T. (presenter), & Palan, S. (2021). Insider trading regulation and shorting constraints. Evaluating the joint effects of two market interventions. ESA Around-the-Clock Meeting 2021 (online), July 7-9.
  • Merl, R., Palan, S., Schmidt, D., & Stöckl T. (presenter) (2021). Insider trading regulation and trader migration. Experimental Finance Conference 2021, Innsbruck, Austria (online), June 16-18.
  • Stöckl, T. (2020). Analyzing concentration patterns in experimental asset markets. 35th Workshop of the Austrian Working Group on Banking and Finance (AWG), November 26-27, Graz (online), Austria.
  • Stöckl, T. (2019). Thou shalt not trade - A study analyzing violations of no-trade predictions in experimental asset markets. 34th Workshop of the Austrian Working Group on Banking and Finance (AWG), November 22-23, Liechtenstein.
  • Stöckl, T. (2018). Analyzing the concentration of endowments and trading activity among traders in experimental asset markets. Experimental Finance Conference 2018, June 20-22, Heidelberg, Germany.
  • Stöckl, T. (2015). Speculation and Price Indeterminacy in Financial Markets. Experimental Finance, June 8-10, Mannheim, Germany.
  • Stöckl, T. (2015). Speculation and Price Indeterminacy in Financial Markets. 30th Workshop of the Austrian Working Group on Banking and Finance AWG 2015, November 27-28, Graz, Austria.
  • Stöckl, T. (2014). When chasing the offender hurts the victim: Collateral damage from insider legislation. 9th Nordic Conference on Behavioral and Experimental Economics 2014, September 26-27, Aarhus, Denmark.
  • Stöckl, T. (2013). On the effects of insider trading legislation in asset market experiments. 28th Workshop of the Austrian Working Group on Banking and Finance (AWG) 2013, November 22-23, Vienna, Austria.
  • Stöckl, T. (2014). When chasing the offender hurts the victim: Collateral damage from insider legislation. Research Seminar University of Sussex, Brighton, United Kingdom.
  • Stöckl, T. (2014). When chasing the offender hurts the victim: Insider trading legislation and the risk of collateral damage. Research Seminar University of Trento, Trento, Italy.
  • Stöckl, T. (2014). When chasing the offender hurts the victim: Insider trading legislation and the risk of collateral damage. Research Seminar University of Vienna, Wien, Austria.
  • Stöckl, T. (2014). When chasing the offender hurts the victim: Insider trading legislation and the risk of collateral damage. Research Seminar University of Mannheim, Mannheim, Germany.
  • Stöckl, T., & Palan, S. (2014). On the effects of insider trading legislation in asset market experiments. Research Seminar in Financial Economics, Zürich, Switzerland: University of Zürich.
  • Stöckl, T. (2013). Price efficiency and trading behavior in limit order markets with competing insiders. Research Seminar in Finance, Vallendar, Germany.
  • Stöckl, T. (2010). Bubbles in experimental asset markets - A critical review of past experiments and an outlook on future research. Sowi research seminar, Salzburg, Austria: University of Salzburg.
Supervised bachelor theses
  • Glanzer Sophia (2024): Campus on the Move: Exploring Students' Modal Choices in Higher Education Institutions
  • Hauswicka Monja (2024): From Home to Campus - Understanding Employees' Transportation Preferences in Higher Education Institutions
  • Altın Gülsen (2024): The Investment Behaviour of Young Adults
  • Rodcenkova Alina (2024): The Moderating Role of Financial Literacy: Investigating Its Influence on Heuristic Biases of Student Investors
  • Walcher Selina (2023): Generation Z and Cryptocurrency Investments - Applying TPB to Predict Investment Intention
  • Girardi Philipp (2023): The Impact of Inflation on Student's Purchasing Behavior
  • Larcher Verena (2022): Effects of Employees' Intrinsic Motivation on the Perception of Learning Organization-Specific Characteristics
  • Dopple Jakob (2022): Blockchain Technology Acceptance in Loyalty Programs - A Technology Acceptance Model Based on the UTAUT
  • Malinowski Wadim (2021): Applying TAM to Investigate the Effect of Risk Perception of COVID-19 on the Attitude and Intention Towards Online Shopping in Belarus
  • Lemp Sarah (2021): Shared Leadership as Arising Strategy to Cope With the Covid-19 Crisis
  • Tamalio Marco (2021): Die Finanztransaktionssteuer als effektiver Ansatz zur Eindämmung von Spekulationsgeschäften und zur Stabilisierung der Finanzmärkte. Eine kritische Analyse am Beispiel Italiens und mögliche Ansätze für Österreich.
  • Arsenović Gregor (2021): Die Nutzung von Smartphones als Zahlungsmöglichkeit in Österreich
  • Knöpfle Melanie (2020): Nachhaltige Unternehmen und ihr Verständnis von Sustainable Finance - Wie integrieren nachhaltig tätige Unternehmen nachhaltige Finanzwirtschaft?
  • Feichter Matthias (2020): Der Fachkräftemangel im Tiroler Handwerk als Folge des gesellschaftlichen Wertewandels - Employer Branding als nachhaltige Herangehensweise für Unternehmen
  • Stoffner Kerschbaumer Dana (2020): Sustainable Investment Behaviour of Retail Investors in Austria
  • Heitauer Maria Sofie (2019): Initial Coin Offerings - a serious new instrument for start-up financing?
  • Höpflinger Kilian (2019): Analysis of the private provision behaviour of Austrians between 15 and 35
  • Stock Felix (2019): Chancen und Risiken einer zentralen Administration von Derivatpositionen in Konzernen der Metallbranche
  • Hörtnagl Benjamin (2019): Auswirkungen von MiFID II auf die Beratung von Privatkunden
  • Schwaiger Antonia (2019): Financial performance indicators' influence on the decision-making process in Austrian based production sites of a global refractory supplier
  • Dengg Viktoria (2018): Interne Kontrollsysteme im Finanz- und Rechnungswesen von Non-Profit-Organisationen
  • Dengg Viktoria (2018): Interne Kontrollsysteme im Finanz- und Rechnungswesen von Non-Profit-Organisationen
  • Untergasser Melanie (2018): Nachhaltige Personalbindung als Erfolgsfaktor jedes Unternehmens
  • Untergasser Melanie (2018): Nachhaltige Personalbindung als Erfolgsfaktor jedes Unternehmens
  • Schwarz Martin (2018): Potentialanalyse zur Steigerung der Motivation von AußendienstmitarbeiterInnen in Beratungsunternehmen
  • Schwarz Martin (2018): Potentialanalyse zur Steigerung der Motivation von AußendienstmitarbeiterInnen in Beratungsunternehmen
  • Gammel Marina (2018): Optimierungsmaßnahmen des Budgetierungsprozesses am Beispiel Liebherr-Werk Nenzing GmbH
  • Gammel Marina (2018): Optimierungsmaßnahmen des Budgetierungsprozesses am Beispiel Liebherr-Werk Nenzing GmbH
  • Egger Manfred (2018): Datenschutzbewusstsein bei Studierenden mit betriebswirtschaftlichem Ausbildungsschwerpunkt
  • Egger Manfred (2018): Datenschutzbewusstsein bei Studierenden mit betriebswirtschaftlichem Ausbildungsschwerpunkt
  • Juri Andrea (2018): Stammkunden und ihre Reaktion auf eine Änderung der Wettbewerbsstrategie
  • Juri Andrea (2018): Stammkunden und ihre Reaktion auf eine Änderung der Wettbewerbsstrategie
  • Hinterberger Thomas (2017): Talent Management in Österreich
  • Hinterberger Thomas (2017): Talent Management in Österreich
  • Muglach Simon (2017): Outsourcing in Genossenschaftsbanken - Optimierung der Unternehmensorganisation am Beispiel von regionalen Raiffeisenbanken
  • Muglach Simon (2017): Outsourcing in Genossenschaftsbanken - Optimierung der Unternehmensorganisation am Beispiel von regionalen Raiffeisenbanken
  • Krismer Paul (2017): Optimierung des Investitionsprozesses in verbundenen Unternehmen. Am Beispiel der Fisser Bergbahnen GmbH & Seilbahn Komperdell GmbH Personenbeförderung OHG.
  • Krismer Paul (2017): Optimierung des Investitionsprozesses in verbundenen Unternehmen. Am Beispiel der Fisser Bergbahnen GmbH & Seilbahn Komperdell GmbH
  • Gschwentner Hannes (2017): Optimierung der Aufbauorganisation in kleinen Regional-Sparkassen
  • Gschwentner Hannes (2017): Optimierung der Aufbauorganisation in kleinen Regional-Sparkassen
  • Strobl Florian (2017): Scrum als agiler Projektmanagementansatz in international agierenden Unternehmen
  • Strobl Florian (2017): Scrum als agiler Projektmanagementansatz in international agierenden Unternehmen
  • Reiter Benjamin (2017): Von der Kameralistik zur Doppik. Herausforderungen bei der Erstellung kommunaler Eröffnungsbilanzen
  • Reiter Benjamin (2017): Von der Kameralistik zur Doppik. Herausforderungen bei der Erstellung kommunaler Eröffnungsbilanzen
Supervised master theses
  • Lenning Johan (2024): From Boardroom to Stock Market: The Influence of Female Board Members on Stock Volatility in Nordic Companies
  • Plank Matthias (2022): Online Corporate Annual Reporting of ATX Prime & DAX Stock Companies: An Empirical Analysis
  • Pfizenmayer Simon (2021): Investigating Influencing Determinants of Financial Behavior of Students in Germany
  • Stock Felix (2021): Analysis of Price Drivers in Spot Secondary Copper Markets and Implications for Corporate Hedging Strategy
  • Glownia Dawid (2021): The Effects of Socio-economic Factors on Private Investors' Stock Portfolio Diversification: The Austrian Case
  • Hörtnagl Benjamin (2021): Environmental, Social, And Governance Criteria in the Investment Sector from the Perspective of Product Providers
  • Muglach Simon (2019): Merger of cooperative banks - preservation of independence illustrated by the example of Tyrolean Raiffeisen banks
  • Stark Anna (2019): Insider trading legislation & shorting constraints - Analyzing their impact on capital markets and their participants.