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Welcome to the CFR!

The CFR conducts independent, cutting-edge research of practical relevance in the area of finance. We offer talented students and graduates the opportunity to participate in our research, so that, given adequate abilities and interests, their way into international research may become easier. As a competence centre for finance, the CFR is finding resonance in academia and practitioners. We invite you to be part of the process!



At the 13th Colloquium on Financial Markets, Günter Strobl (Frankfurt School of Finance and Management) was awarded with the Best Paper Award 2014 for his work “Transparency and Talent Allocation in Money Management” (co-authored with Simon Gervais). The award carries a cash prize of € 2.000. Congratulations on this great accomplishment.
jobafThe CFR Working Paper No. 09-15 "Strategic Trading and Trade Reporting by Corporate Insiders" by André Betzer, Jasmin Gider, Daniel Metzger and Erik Theissen has been accepted for publication in the “Review of Finance”.
jobafThe CFR Working Paper No. 11-03 "Short Sale Constraints, Divergence of Opinion and Asset Value: Evidence from the Laboratory" by Gerlinde Fellner and Erik Theissen has been accepted for publication in the “Journal of Economic Behavior and Organisation”.
rofmThe CFR Working Paper No. 13-01 "A Partially Linear Approach to Modelling the Dynamics of Spot and Futures Prices" by Jürgen Gaul and Erik Theissen has been accepted for publication in the “Journal of Futures Markets”.
jobafThe CFR Working Paper No. 09-09 "Fails-to-deliver, short selling, and market quality" by Veljko Fotak, Vikas Raman, and Pradeep Yadav has been accepted for publication in the “Journal of Financial Economics”.

German Factors and Test Assets

The Fama-French factors, the Carhart factor and test assets for the German equity market are now available for download. The factors and test assets have been calculated as part of a joint project of the CFR and the chairs of Prof. Alexander Kempf and Prof. Erik Theissen. We hope that this will be a useful and valuable resource to the research community. You can find the data sets here.

CFR Research / Internal Seminar

Due to Prof. Dr. Alexander Kempf's sabbatical semester there will be no research or intern seminars at the CFR during the summer term 2014.

CFR Working Paper Series

Bild CFR Working Paper14-02
The Lintner model revisited: Dividends versus total payouts

Christian Andres, Markus Doumet, Erik Fernau, Erik Theissen

Executive Summary | Download

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