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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!



Journal of Portfolio ManagementThe CFR Working Paper No. 19-04 "Drawdown Measures: Are They All the Same?" by Olaf Korn, Philipp M. Möller and Christian Schwehm has been accepted for publication in the Journal of Portfolio Management.
Financial Analysts JournalThe CFR Working Paper No. 20-06 "Factor Exposure Variation and Mutual Fund Performance" by Manuel Ammann, Sebastian Fischer and Florian Weigert has been accepted for publication in the Financial Analysts Journal.
Journal of EconometricsThe CFR Working Paper No. 14-06 "Empirical Asset Pricing with Multi-Period Disaster Risk: A Simulation-Based Approach" by Jantje Sönksen and Joachim Grammig has been accepted for publication in the Journal of Econometrics.
Finance Research LettersThe CFR Working Paper No. 19-03 "#MeToo Meets the Mutual Fund Industry: Productivity Effects of Sexual Harassment" by Gjergji Cici, Mario Hendriock, Stefan Jaspersen und Alexander Kempf has been accepted for publication in Finance Research Letters .
zfbf - Schmalenbachs Zeitschrift für betriebswirtschaftliche ForschungThe CFR Working Paper No. 20-02 "Finanzwirtschaftliche Anwendungen der Blockchain-Technologie" by Philipp Schuster, Erik Theissen and Marliese Uhrig-Homburg has been accepted for publication in the zfbf - Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung.
Journal of Financial IntermediationThe CFR Working Paper No. 18-03 "Underpricing in the Euro Area Corporate Bond Market: New Evidence from Post-Crisis Regulation and Quantitative Easing" by Tobias Rischen and Erik Theissen has been accepted for publication in the Journal of Financial Intermediation.

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Dr. Alexander Pütz,

BVI-CFR Event 2020

The BVI-CFR Event, organised by the CFR and the BVI, will take place online on December 1st, 2020. In the course of the seminar, CFR researchers present their findings from current 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.

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:

CANCELLATION of the 19th Cologne Colloquium on Financial Markets


Because of the coronavirus-situation, we have decided to CANCEL the 19th Cologne Colloquium on Financial Markets that was to take place on March 30th.

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 Paper20-07
Unobserved Performance of Hedge Funds

Vikas Agarwal, Stefan Ruenzi, Florian Weigert

Executive Summary | Download Paper

Find more CFR Working Papers

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