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Welcome to the CFR!

The Centre for Financial Research (CFR) is a research institute at the University of Cologne and conducts independent, cutting-edge research of practical relevance in the area of financial markets. 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!

News

CFR Working Paper has been accepted for Publication

The CFR Working Paper No. 22-05 "Limits of Disclosure Regulation in the Municipal Bond Market" by Nathan W. Heinrich, Ivan T. Ivanov and Tom Zimmermann has been accepted for publication in "Management Science".

CFR Working Paper has been accepted for Publication

The CFR Working Paper No. 19-05 "Finding your calling: Matching skills with jobs in the mutual fund industry" by Gjergji Cici, Mario Hendriock, and Alexander Kempf has been accepted for publication in "Management Science".

CFR Assistant Professorship for Investments

We are pleased to welcome Dr. Benedikt Fabian Ballensiefen as a new Assistant Professor for Investments at the CFR. Dr. Ballensiefen completed his doctorate on the topic of "Short-Term Funding Markets" and his research focuses on asset pricing, monetary policy, and market structure. We are very pleased to have gained Dr. Ballensiefen as a promising young researcher who will enrich the CFR with his research expertise and experience from his work for the World Bank.

CFR Working Paper Accepted for Publication

The CFR Working Paper No. 20-10 "Earnings Autocorrelation and the Post-Earnings-Announcement Drift: Experimental Evidence" by Josef Fink, Stefan Palan and Erik Theissen has been accepted for publication in the Journal of Financial and Quantitative Analysis.

CFR Working Paper Accepted for Publication

The CFR Working Paper No. 24-04 "The 'Privatization' of Municipal Debt" by Ivan T. Ivanov and Tom Zimmermann has been accepted for publication in the Journal of Public Economics.

Responsible for content in the sense of § 18 para. 2 MStV:
Dr. Alexander Pütz
Centre for Financial Research (CFR)
Albertus-Magnus-Platz
50923 Köln
puetz@cfr-cologne.de

CFR Research Seminar

On Thursday, June 5th, 2025, Jose Vicente Martinez (School of Business, University of Connecticut) will give a talk in our CFR Research Seminar. The topic is: "Mutual Funds, ETFs, and the Impact of Investor Flows on Fund Performance". The event will start at 4pm via Zoom. If you want to join the seminar, please write an email to Dr. Alexander Puetz (puetz@cfr-cologne.de). You can find the whole program of the CFR Research Seminar here.

Data and Programs on "Open Source Cross Sectional Asset Pricing"

In CFR Working Paper 20-04, Prof. Tom Zimmermann and Prof. Andrew Y. Chen compile an extensive data set to reproduce 315 cross-sectional stock return predictors. The data set and the associated programs can be downloaded here: https://www.openassetpricing.com/

Sponsoring Members

Institutional Members

Sponsors CFR Assistant Professorship Sustainable Finance

We would especially like to thank the sponsors whose donations made it possible to establish the Assistant Professorship for Sustainable Finance at the University of Cologne: