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Centre for Financial Research (CFR) Cologne

Prof. Dr. Alexander Kempf

Centre for Financial Research (CFR)
University of Cologne
50923 Cologne

Tel: +49 (0221) 470-6995
Fax: +49 (0221) 470-3992

The Centre for Financial Research (CFR) is a research institute at the University of Cologne, which conducts independent, applied cutting-edge research in the field of financial markets. The CFR is supported by Fördergesellschaft Finanzmarktforschung e.V., a non-profit association.

Contact promotion company:
Fördergesellschaft Finanzmarktforschung e. V.
Dr. Rudolf Apenbrink
c/o HSBC Trinkaus & Burkhardt AG
Königsallee 21
40212 Düsseldorf

Responsible for content according to Section 55 II RStV:
Dr. Alexander Pütz
Centre for Financial Research (CFR)
University of Cologne
50923 Cologne


Liability for content:
As a service provider we are responsible according to § 7 Abs. 1 Telemedia Act (TMG) for own content on these pages according to the general laws. According to §§ 8 to 10 TMG, however, we as a service provider are not obliged to monitor transmitted or stored external information or to investigate circumstances that indicate illegal activity.

Obligations to remove or block the use of information under general law remain unaffected. A liability in this regard, however, is only possible from the date of knowledge of a specific infringement. Upon notification of appropriate violations, we will remove this content immediately.

Liability for links:
Our offer contains links to external websites of third parties on whose contents we have no influence. Therefore, we can not assume any liability for these external contents. The respective provider or operator of the site is always responsible for the contents of the linked pages. The linked pages were checked for possible legal violations at the time of linking. Illegal content was not recognizable at the time of linking. However, a permanent content control of the linked pages is not reasonable without concrete evidence of an infringement. Upon notification of violations, we will remove such links immediately.

The content and works on these pages created by the site operators are subject to German copyright law. The reproduction, processing, distribution and any kind of exploitation outside the limits of copyright require the written consent of the respective author or creator. Downloads and copies of this site are for private, non-commercial use only.

As far as the contents on this side were not created by the operator, the copyrights of third parties are considered. In particular contents of third parties are marked as such. If you should still be aware of a copyright infringement, we ask for a note. Upon notification of violations, we will remove such content immediately.

Privacy Policy

1. General information about data protection
We would like to give you a simple overview of what happens to your personal information when you visit our website with the following notes. In our understanding, personal information is any data that personally identifies you. For detailed information on the subject of data protection, please refer to our privacy policy listed under this text.

2. Data collection on this website
The data processing on this website is carried out by the website operator. The contact details can be found in the imprint of this website.

We collect your data in case you tell us. For example, this may be data that you enter when completing a contact form.

Other data will be collected automatically when you visit this website through our IT systems. Below are mainly technical data subsumed. These include, for example, the time of the respective page request, the operating system, the host name of the accessing computer or the Internet browser used. The collection of this data is automatic as soon as you enter our website.

On the one hand, a part of the data is collected in order to guarantee an error-free and barrier-free provision of the website. Second, additional data is used to analyze your user behavior.

You have the right to demand information about the origin, recipient and purpose of your stored personal data free of charge at any time. You also have a right to request the correction, blocking or deletion of this data. For this purpose as well as for further questions around the topic of data protection you can contact us at any time directly at the address given in the imprint. Furthermore, you have a right of appeal to the competent supervisory authority.

3. General information and mandatory information

As the operator of this website, we take the protection of your personal data very seriously. We treat your personal data always confidentially and in accordance with the legally existing data protection regulations.

As soon as you visit this website, various personal data will be collected. In our understanding, personal information is any data that personally identifies you. This Privacy Policy explains what information is collected and used when you use our website. Furthermore, we would like to inform you in what form and for what purpose the data collection takes place.

However, we would like to point out that the transmission of data on the Internet, including via e-mail, may have security holes and third parties may be able to gain access to the data without permission.

The responsible data processing unit for this website is:

Dr. Alexander Pütz
Telephone: +49 (0)221 / 470 4154

Responsible body is the natural or legal person who, alone or together with others, decides on the purposes and means of processing personal data (e.g. names, e-mail addresses, etc.).

Most data processing operations are only possible with your express consent. You can revoke an already given consent at any time. For this just send an informal message to us, also gladly by E-Mail. The legality of the data processing carried out until the revocation remains unaffected by the revocation.

In the case of violations of data protection law, the person concerned has the right of appeal to the competent supervisory authority. The competent supervisory authority for data protection issues is the state data protection officer of the federal state in which our institute is based.

A list of data protection officers and their contact details can be found on the following link: n_links-node.html

You also have the right to have all data that is automatically processed on the basis of your consent or in fulfillment of a contract, in itself or to a third party in a standard, machine-readable format. If you require the direct transfer of data to another person in charge, this can only be done if it is technically feasible.

You have the right, at any time, under consideration of the applicable legal provisions, to provide free information about your stored personal data, their origin, recipient and purpose of the data processing as well as a right to correction, blocking or deletion of this data. For further information on personal data you can contact us at any time at the address given in the imprint.

This site uses SSL or TLS encryption for security purposes and to protect the transmission of sensitive content, such as orders or requests you send to us as a website operator.

In the event SSL or TLS encryption is activated, data transmitted to us can not be read by third parties.

The provider of the website automatically collects and stores information in so-called server log files, which your web browser automatically transmits to us. These are in particular:

- browser type / browser version
- Operating system used
- Referrer URL
- Host name of the accessing computer
- Time of the server request

We point out that a combination of these transmitted data with other data sources is not carried out.

The basis for data processing is given in Art. 6 (1) GDPR in order to allow the processing of data to fulfill a contract or precontractual measures.

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