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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!



Schmalenbach Business ReviewThe CFR Working Paper No. 19-02 "Liquidity in the German Stock Market" by Thomas Johann, Stefan Scharnowski, Erik Theissen, Christian Westheide, and Lukas Zimmermann has been accepted for publication in Schmalenbach Business Review.
Journal of Futures MarketsThe CFR Working Paper No. 14-10 "Illiquidity Transmission from Spot to Futures Markets" by Olaf Korn, Paolo Krischak, and Erik Theissen has been accepted for publication in the Journal of Futures Markets.
Journal of Behavioral and Experimental FinanceThe CFR Working Paper No. 16-06 "Hedging with Regret" by Olaf Korn and Marc Oliver Rieger has been accepted for publication in the Journal of Behavioral and Experimental Finance.
Journal of Futures MarketsThe CFR Working Paper No. 07-14 "How to Hedge if the Payment Date is Uncertain?" by Olaf Korn and Alexander Merz has been accepted for publication in the Journal of Futures Markets.
On March 30th, 2020, the 19th Cologne Colloquium on Financial Markets will take place. The deadline for submissions is January 15th, 2020. Further information can be found here.

Responsible for content within the meaning of § 55 II RStV:
Dr. Alexander Pütz,

CFR Research Seminar

On Thursday, January 23rd, 2020, Simon Lesmeister (University of Cologne) will give a talk in our CFR Research Seminar. The topic is: "What Matters in Mutual Fund Governance?". The event will start at 4pm in Room -1.502 in the first basement floor, entrance A, of the University building in the Sibille-Hartmann-Str. 2-8, 50969 Köln. You can find the whole program of the CFR Research Seminar here.

CFR Research Workshop 2020


The CFR Research Workshop will take place at Deutsche Bundesbank in Düsseldorf on March 2nd, 2020.

The purpose of this event is to intensify the exchange between the researchers at the CFR and the representatives of the funding institutes. Members of the CFR research team report from their ongoing research.

19th Cologne Colloquium on Financial Markets


The 19th Cologne Colloquium on Financial Markets, organised by Prof. Dr. Alexander Kempf, will take place at Ampega Asset Management GmbH in Cologne on March 30th, 2020.

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 Paper19-06
Small Is Beautiful? How the Introduction of Mini Futures Contracts Affects the Regular Contract

Stefan Greppmair, Erik Theissen

Executive Summary | Download Paper

Find more CFR Working Papers

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