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University of Graz Department of Banking and Finance Department Roland Mestel
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Roland Mestel (Deputy Director of the Department)

Roland Mestel's research focuses on the microstructure of financial markets, i.e. the specific organization of the exchange of capital supply and demand. One focus in this regard is on markets for digital assets (cryptocurrencies) and, in particular, on decentralized markets. Further research focuses on asset management, asset pricing and risk management. Roland Mestel leads/has led a large number of externally funded research projects from research funding and contract research. He is a member of the board of the Austrian Banking Research Association, co-editor of the BankArchiv and associate editor of the Journal of Behavioral and Experimental Finance.

Portrait picture of Roland Mestel {f:if(condition: 'SBESS/Wolf', then: '©SBESS/Wolf')}
©SBESS/Wolf

  • Market quality and algorithmic trading at the Austrian stock market. Project supported with funds from the Anniversary Fund of Oesterreichische Nationalbank; 2019-2023.
  • Austria's path to climate neutrality: identifying a cross-sector integrated framework and incentive structure, distributional and budgetary implications. Responsible for work package: Financial markets. Project supported with funds from the Climate and Energy Fund and implemented in line with the Austrian Climate Research Program ACRP; 2022-2024.
  • Brauneis, Alexander; Mestel, Roland; Theissen, Erik
    The crypto world trades at tea time: intraday evidence from centralized exchanges across the globe.
    In: Review of Quantitative Finance and Accounting. 64. 2025. 275-304. doi:10.1007/s11156-024-01304-1
    Forschung: Beitrag in Zeitschrift > Originalbeitrag/Fachbeitrag
  • Eranda Cela, Stephan Hafner, Roland Mestel, Ulrich Pferschy
    Integrating multiple sources of ordinal information in portfolio optimization .
    In: Annals of Operations Research. to appear. 2025. 1-22. doi:10.1007/s10479-025-06495-x
    Forschung: Beitrag in Zeitschrift > Originalbeitrag/Fachbeitrag
  • Glas, Natalie; Mestel, Roland; Steininger, Karl
    Instrumente für nachhaltige Finanzierungen in KMU und Handlungsempfehlungen zur erfolgreichen Umsetzung im Markt.
    In: BankArchiv: Zeitschrift für das gesamte Bank- und Börsenwesen. 73. Jahrgang,Mai 2025. 2025. 346-355. doi:10.47782/oeba202505034601
    Forschung: Beitrag in Zeitschrift > Originalbeitrag/Fachbeitrag
  • Mestel, Roland; Theissen, Erik; Uhlenkamp, Corinna
    The lower the better? Revisiting minimum tick size.
    In: Applied Economics Letters. not yet known. 2024. not yet known. doi:10.1080/13504851.2024.2333996
    Forschung: Beitrag in Zeitschrift > Originalbeitrag/Fachbeitrag
  • Mestel, Roland; Steffen, Viktoria; Theissen, Erik
    Algorithmic trading and mini flash crashes: Evidence from Austria.
    In: Economics Letters. 244. 2024. 111982. doi:10.1016/j.econlet.2024.111982
    Forschung: Beitrag in Zeitschrift > Originalbeitrag/Fachbeitrag
  • Machus, Tobias; Mestel, Roland; Theissen, Erik
    Heroes, just for one day: The impact of Donald Trump’s tweets on stock prices.
    In: Journal of Behavioral and Experimental Finance . Volume 33,March 2022. 2022. Article 100594. doi:10.1016/j.jbef.2021.100594
    Forschung: Beitrag in Zeitschrift > Originalbeitrag/Fachbeitrag
  • Brauneis, Alexander; Mestel, Roland; Riordan, Ryan; Theissen, Erik
    The anatomy of a fee change - evidence from cryptocurrency markets.
    In: Journal of Empirical Finance. 67,June 2022. 2022. 152-167. doi:10.1016/j.jempfin.2022.03.003
    Forschung: Beitrag in Zeitschrift > Originalbeitrag/Fachbeitrag
  • Mestel, Roland; Brauneis, Alexander; Riordan, Ryan; Theissen, Erik
    Bitcoin unchained: Determinants of cryptocurrency exchange liquidity.
    In: Journal of Empirical Finance. 69. 2022. 106-122. doi:10.1016/j.jempfin.2022.08.004
    Forschung: Beitrag in Zeitschrift > Originalbeitrag/Fachbeitrag
  • Cela, Eranda; Hafner, Stephan; Mestel, Roland; Pferschy, Ulrich
    Mean-variance portfolio optimization based on ordinal information.
    In: Journal of Banking & Finance. 122. 2021. Article 105989. doi:10.1016/j.jbankfin.2020.105989
    Forschung: Beitrag in Zeitschrift > Originalbeitrag/Fachbeitrag
  • Brauneis, Alexander; Mestel, Roland; Riordan, Ryan; Theissen, Erik
    How to measure the liquidity of cryptocurrency markets?
    In: Journal of Banking & Finance. 124. 2021. Article 106041. doi:10.1016/j.jbankfin.2020.106041
    Forschung: Beitrag in Zeitschrift > Originalbeitrag/Fachbeitrag
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Ao.Univ.-Prof. Mag. Dr.rer.soc.oec.
Roland Mestel

Stellvertretender Institutsleiter
roland.mestel(at)uni-graz.at

+43 316 380 - 7304
ORCID: 0000-0002-8292-0382

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