Department of Finance

The Department of Finance aims to produce financial research, teaching and communication of international standard and of relevance for the Danish society

Slider Finance

Professor Christian Wagner Wins Wharton School-WRDS Award 2017
Christian Wagner award 2017
Sign up before August 7 for this year's FRIC17 Conference on Financial Frictions - see more here
FRIC17 Conference on Financial Frictions
Torben Möger Pedersen will be appointed adjunct professor at CBS
Torben Möger Pedersen
View the databases available at the Department of Finance here
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The Department of Finance

The Department of Finance is an international department that consists of 30 faculty members in Finance and 5 faculty members in Statistics as well as 8 administrative staff. The Department of Finance researches in all financial issues, including issues related to financial markets, securities pricing, risk management, corporate finance and household finance. At the Department of Finance, we offer highly qualified teaching within an extensive number of both the full-time and the part-time programs available at Copenhagen Business School. Furthermore, the Department runs a successful PhD Program with 24 PhD students of different nationalities currently enrolled. The Department of Finance organizes a number of seminars every semester, please see Upcoming Finance Seminars above for more information.

Recent Work by Department Members

Measuring Agency Costs over the Business Cycle
Ramona Westermann
Management Science
This paper investigates the joint effects of manager-shareholder agency conflicts and macroeconomic risk on corporate policies and firm value. I first derive the implications of a structural model of a firm with assets...

Ralph Koijen Tobias Moskowitz, Lasse Heje Pedersen and Evert Vrugt
Journal of Financial Economics, forthcoming
We apply the concept of carry, which has been studied almost exclusively in currency markets, to any asset. A security’s expected return is decomposed into its “carry” – an ex-ante and model-free characteristic...

Skill and Luck in Private Equity Performance
Arthur Korteweg and Morten Sorensen
Journal of Financial Economics, forthcoming
A striking feature of private equity (PE) is that performance is persistent, with many PE firms consistently producing high (or low) returns net of fees. We use a new variance decomposition model to separate skill...

Global economic growth and expected returns around the world: The end-of-the-year effect
Stig V. Møller and Jesper Rangvid
Management Science, forthcoming
Global economic growth at the end of the year strongly predicts returns from a wide spectrum of international assets, such as global, regional, and individual-country stocks, FX, and commodities. Global economic...

Private Equity and Industry Performance
Shai Bernstein, Josh Lerner, Morten Sorensen, and Per Strömberg
Management Science, forthcoming
The growth of the private equity industry has spurred concerns about its impact on the economy. This analysis looks across nations and industries to assess the impact of private equity on industry performance. We find...



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The page was last edited by: Department of Finance // 07/19/2017