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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!



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.
Review of FinanceThe CFR Working Paper No. 13-06 "Investor Sentiment, Flight-to-Quality, and Corporate Bond Comovement" by Sebastian Bethke, Monika Gehde-Trapp and Alexander Kempf has been accepted for publication in Journal of Banking and Finance.
Review of FinanceThe CFR Working Paper No. 15-08 "Alpha or Beta in the Eye of the Beholder: What Drives Hedge Fund Flows?" by Vikas Agarwal, T. Clifton Green and Honglin Ren has been accepted for publication in Journal of Financial Economics.
Journal-of-Business-ResearchThe CFR Working Paper No. 12-01 "Choosing two business degrees versus choosing one: What does it tell about mutual fund managers' investment behavior?" by Laura Andreu and Alexander Pütz has been accepted for publication in Journal of Business Research.
We congratulate the members of our CFR Research Team, Laura Dahm and Sebastian Bethke, for obtaining their Doctorate. Laura Dahm has written her thesis on “Essays on Mutual Funds' Trading Activity”. Sebastian Bethke has written his thesis on “Essays on the Determinants of Corporate Bond Yield Spreads”.

CFR Research Seminar

On Thursday, July 27th 2017, Jun.-Prof. Dr. Peter Limbach (University of Cologne) will give a talk in our CFR Research Seminar. The topic is:
"Investor Identities, Information Demand, and Market Efficiency". The event will start at 4pm in room 610a of the WiSo-building. You can find the whole program of the CFR Seminar here.

16th Cologne Colloquium on Financial Markets

The 16th Colloquium on Financial Markets, organised by Prof. Dr. Alexander Kempf took place at Sparkasse KölnBonn in Cologne on April 3rd 2017. Further information about the event can be found here.

BVI-CFR Event 2017

The BVI-CFR Event, organised by the CFR and the BVI, takes place in Frankfurt on November 15th 2017. 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.

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 Paper17-03
Explaining and Benchmarking Corporate Bond Returns

Gjergji Cici, Scott Gibson, Rabih Moussawi

Executive Summary | Download Paper

Find more CFR Working Papers

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