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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!



Review of FinanceThe CFR Working Paper No. 21-09 "Private Company Valuations by Mutual Funds" by Vikas Agarwal, Brad Barber, Si Cheng, Allaudeen Hameed and Ayako Yasuda has been accepted for publication in Review of Finance.
Journal of Portfolio ManagementThe CFR Working Paper No. 19-04 "Drawdown Measures: Are They All the Same?” by Olaf Korn, Philipp M. Moeller and Christian Schwehm has been accepted for publication in "The Journal of Portfolio Management".
Critical Finance ReviewThe CFR Working Paper No. 20-04 "Open Source Cross-Sectional Asset Pricing” by Andrew Y. Chen and Tom Zimmermann has been accepted for publication in "Critical Finance Review".
Organization & EnvironmentThe CFR Working Paper No. 22-01 "Under Pressure: The Link between Mandatory Climate Reporting and Firms’ Carbon Performance” by Tobias Bauckloh, Christian Klein, Thomas Pioch and Frank Schiemann has been accepted for publication in "Organization & Environment".
We are pleased to welcome Dr. Tobias Bauckloh as a new Assistant Professor of Sustainable Finance at the CFR. Dr. Tobias Bauckloh received his PhD on the topic of sustainability in the capital market. His current research focuses, among other things, on the contribution of sustainable investments to solving societal challenges, the impact of sustainability on the financial performance of investments, and the success of voluntary initiatives and regulations to promote sustainability in the investment process.

The Assistant Professorship in Sustainable Finance was newly established at the University of Cologne on the initiative of the CFR. At this point, we would like to express our special thanks to the institutions that made the establishment of this position possible through their donations: Ampega Asset Management GmbH, Gesamtverband der Deutschen Versicherungswirtschaft e.V., Gothaer Stiftung, HSBC Trinkaus & Burkhardt AG, NRW.BANK, Quoniam Asset Management, Kreissparkasse Köln, Stadtsparkasse Düsseldorf and Sparkasse KölnBonn.

Responsible for content in the sense of § 18 para. 2 MStV:
Dr. Alexander Pütz
Centre for Financial Research (CFR)
50923 Köln

CFR Research Seminar

On Thursday, June 2nd, 2022, Markus Leippold (University of Zurich) will give a talk in our CFR Research Seminar. The topic is: "Cheap Talk in Corporate Climate Commitments: The Role of Active Institutional Ownership, Signaling, Materiality, and Sentiment". The event will start at 4pm via Zoom. If you want to join the seminar, please write an email to Dr. Alexander Puetz ( You can find the whole program of the CFR Research Seminar here.

CFR Student Group Events

The CFR Student Group Events for the summer term 2022 are scheduled. Further information about the program can be found 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:


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: | © 2004-2022 | webmaster