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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!



Journal of Banking and FinanceThe CFR Working Paper No. 14-14 "Trading Efficiency of Fund Families: Impact on Fund Performance and Investment Behavior" by Gjergji Cici, Laura Dahm and Alexander Kempf has been accepted for publication in Journal of Banking and Finance.
Review of Financial StudiesThe CFR Working Paper No. 16-10 "Mutual Fund Transparency and Corporate Myopia" by Vikas Agarwal, Rahul Vashishtha, and Mohan Venkatachalam has been accepted for publication in Review of Financial Studies.
Journal of EconometricsThe CFR Working Paper No. 17-01 "A two-step indirect inference approach to estimate the long-run risk asset pricing model" by Joachim Grammig and Eva-Maria Küchlin has been accepted for publication in Journal of Econometrics.
On March 12th, 2018, the 17th Cologne Colloquium on Financial Markets will take place. The deadline for submissions is
January 9th, 2018. Further information can be found here.
We congratulate the member of our CFR Research Team, Marc-André Goericke, for obtaining his Doctorate. Marc-André Goericke has written his thesis on "Essays on Returns to Human Capital in Asset Management“.
Review of FinanceThe CFR Working Paper No. 13-05 "The Term Structure of Bond Liquidity" by Monika Gehde-Trapp, Philipp Schuster and Marliese Uhrig-Homburg has been accepted for publication in Journal of Financial and Quantitative Analysis.

CFR Research Workshop 2018

The CFR Research Workshop will take place at Stadtsparkasse Düsseldorf on March 8th, 2018. The CFR Research Workshop serves the purpose of intensifying the exchange between researchers at the CFR and the CFR sponsors.

17th Cologne Colloquium on Financial Markets

The 17th Colloquium on Financial Markets, organised by Prof. Dr. Alexander Kempf, will take place at Talanx Asset Management GmbH in Cologne on March 12th, 2018. The Colloquium addresses both academics and practitioners interested in the field of asset management. The conference language is English. Further information about the event and the Call for Papers can be found here.

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 Working Paper Series

Bild CFR Working Paper17-04
Do Connections with Buy-Side Analysts Inform Sell-Side Analyst Research?

Gjergji Cici, Philip B. Shane, Yanhua Sunny Yang

Executive Summary | Download Paper

Find more CFR Working Papers

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