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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!



jofThe CFR Working Paper No. 14-02 "The Lintner model revisited: Dividends versus total payouts" by Christian Andres, Markus Doumet, Erik Fernau and Erik Theissen has been accepted for publication in Journal of Banking and Finance.
jofThe CFR Working Paper No. 15-13 "Government Ownership, Informed
Trading and Private Information" by Ginka Borisova and Pradeep K. Yadav has been accepted for publication in the Journal of Corporate Finance.
jofThe CFR Working Paper No. 13-11 "Which beta is best? On the information content of option-implied betas" by Rainer Baulez, Olaf Korn and Sven Saßning has been accepted for publication in European Financial Management.
jofThe CFR Working Paper No. 13-09 "Seasonal Asset Allocation: Evidence from
Mutual Fund Flows" by Mark J. Kamstra, Lisa A. Kramer, Maurice D. Levi and Russ Wermers has been accepted for publication in the “Journal of Financial and Quantitative Analysis”.
jofThe CFR Working Paper No. 12-12 "The liquidity premium in CDS transaction prices: Do frictions matter?" by Monika Gehde-Trapp, Yalin Gunduz and Julia Nasev has been accepted for publication in the “Journal of Banking and Finance”.

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.

BVI-CFR Event 2015

The BVI-CFR Event, organised by the CFR and the BVI, takes place in Frankfurt on December 14th 2015. In the course of the seminar, CFR researchers present their findings from research projects. Participants of this seminar are executive board members and managers of member companies of the BVI. The event will be held in German.

15th Cologne Colloquium on Financial Markets

On Monday, April 11th 2016, the 15th Cologne Colloquium on Financial Markets will take place. The Conference will address current questions concerning asset management and is aimed at academics and practitioners.The Cologne Colloquium on Financial Markets will last the whole day and will be held at Sal. Oppenheim jr. & Cie. AG & Co. KGaA. In order to participate in the Colloquium, enrolment is required.

CFR Research Workshop 2016

The CFR Research Workshop will take place on February 29th, 2016 at Oddo Meriten Asset Management in Düsseldorf. The CFR Research Workshop serves the purpose of intensifying the exchange between researchers at the CFR and the CFR sponsors.

CFR Working Paper Series

Bild CFR Working Paper15-14
Ich bin dann mal weg: Werteffekte von Delistings deutscher Aktiengesellschaften nach dem Frosta-Urteil

Markus Doumet, Peter Limbach, Erik Theissen

Executive Summary | Download

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