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.
About the department (Panel content)
Who we are
The Department of Finance conducts research across all major areas of finance, including financial markets, securities pricing, risk management, corporate finance, and household finance. We also provide high-quality teaching within a wide range of full-time and part-time programmes offered at Copenhagen Business School.
3 research centres
280+ employees
5 focus areas
“I would definitely recommend a PhD at BIGFI, it is really an amazing department and as a PhD Student, I think it is one of the best places” Theis Ingerslev Jensen
Centres at the department
Learn more about our research centres at Department of Finance, where knowledge is created through research and collaboration.
Center for Big Data in Finance (BIGFI)
Center for Big Data in Finance (BIGFI) is a Center of Excellence established by the Danish National Research Foundation.
Pension Research Centre
Through high-quality research and teaching, the Pension Research Centre (PeRCent) contributes to strengthening interest in and knowledge about pension issues…
Center for Statistics
The Center for Statistics conducts research and teaching in probability theory, theoretical statistics, machine learning, and applied statistics.
Collaboration and outreach
Danish Finance Institute
Danish Finance Institute (DFI) is an initiative that supports the building of a world-class Danish research environment in finance and thus supports Denmark as a financial center through the development of new knowledge and by educating excellent candidates for the Danish society. The hope is that the partnership between universities and the financial sector can also be inspirational for academic research and that this research can be disseminated to the Danish society.
Rig på Viden
"Rig på Viden" is a Danish podcast that explores research within finance and economics. The podcast aims to make in-depth, research-based insights accessible, helping listeners better understand both the theoretical and practical sides of the financial world. The podcast is aimed at listeners who want to learn how research can be used to understand market dynamics, optimise investments and make financially sustainable decisions.
We make a difference
The Department of Finance at Copenhagen Business School plays a vital role in advancing knowledge, shaping policy, and strengthening the financial ecosystem in Denmark and beyond. Through cutting-edge research, high-quality teaching, and strong industry collaboration, the department contributes meaningfully to both academic excellence and real-world impact.
Our researchers generate insights that help society understand how financial markets function, how households make economic decisions, and how firms can allocate capital responsibly. This knowledge supports better decision-making among policymakers, regulators, and private institutions. By addressing challenges such as market stability, risk management, sustainable investing, and financial inclusion, the department’s work directly informs public debate and contributes to a more resilient economy.
The department also makes a difference through talent development. We educate the next generation of financial leaders—students who combine strong analytical skills with ethical awareness and the ability to navigate an increasingly complex financial world. Through innovative teaching methods and close integration with industry practice, we prepare graduates to create value in banks, asset management firms, corporations, government agencies, and international organizations.
Finally, the department’s strong connections with industry partners ensure that research findings are translated into practice. Whether through executive education, advisory roles, or collaborative projects, we bring academic rigor to real-world problems and help organizations adapt to emerging trends in finance.
In everything we do, the Department of Finance aims to contribute to a healthier economy, a more informed society, and a financial sector capable of supporting sustainable growth.
About us
Strategy
The Department of Finance aims to deliver world-class research, education, and public communication — combining scientific excellence with social relevance.
Its research spans financial markets, asset pricing, risk management, corporate finance, and household finance — covering the most important financial decisions at both firm and individual level.
The Department also seeks to harness cutting-edge methods and data, for example through initiatives like the Center for Big Data in Finance (BIGFI) and the previous Center for Financial Frictions (FRIC), to generate new insights into finance, stability, and the economic role of markets and households.
Through its educational programmes and PhD training, the Department develops future financial professionals and researchers capable of applying rigorous theory, empirical methods, and critical thinking to real-world economic challenges.
Head of Department
Our Head of Department is Carsten Sørensen.
Through his leadership, research and teaching, Carsten Sørensen plays a key role in shaping both the academic direction of the Department of Finance and its societal impact. Ranging from rigorous scholarship to strategic institutional responsibilities, he helps ensure that the department remains at the forefront of financial research and education.
History
The Department of Finance at Copenhagen Business School has a long academic tradition, dating back to 1939. Over more than eight decades, it has evolved from a small academic unit into one of Denmark’s leading centres for research and education in finance.
Throughout its history, the department has expanded its research agenda in line with developments in financial markets and the broader economy. What began with a focus on classical corporate finance and financial theory has grown to include modern areas such as asset pricing, risk management, household finance, and data-driven empirical research.
The department has also become a key contributor to CBS’s teaching programmes, educating generations of students and researchers and strengthening ties to the financial sector, policymakers, and international research communities.
Today, the department builds on its long heritage while continuing to develop new knowledge and insights that shape both academic thinking and real-world financial practice.
Events at the Department of Finance
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Research and publications (Panel content)
Our research
Research at the Department of Finance is driven by a commitment to advancing knowledge at the forefront of modern finance. Our work spans five core areas: financial markets, asset pricing, risk management, corporate finance and household finance - reflecting the breadth and depth of the discipline. Through empirical and theoretical research, we aim to shed light on how financial systems operate, how individuals and firms make decisions, and how risks can be better understood and managed. Collaboration across disciplines and active engagement with industry and policymakers ensure that our research remains both academically robust and directly relevant to the challenges facing today’s financial landscape. By combining scientific excellence with real-world impact, we contribute to shaping a more efficient, resilient and well-informed financial sector.
Publications
See all publicationsJuly 2026
Extrapolators and Contrarians: Forecast Bias and Individual Investor Stock Trading
In: Journal of Financial Economics. 181, 0304-405X, 17 p.
Journal article
July 2026
Flying Below the Radar: Insider Trading by Executives Below the Top
In: Journal of Financial Economics. 181, 0304-405X, 15 p.
Journal article
Hans K. Hvide
Kasper Meisner Nielsen, Professor
June 2026
Endnu et vigtigt bidrag til pensionsdebatten: Hvad er en fair pensionsalder?
In: Finans/Invest. 2026, 0106-1798, p. 2-4
Editorial
Our research units
Center for Big Data in Finance (BIGFI)
BIGFI advances cutting-edge research at the intersection of finance, data science and economics. The center uses large-scale data and advanced analytical methods to deepen our understanding of financial markets, investor behaviour and systemic risk. By combining rigorous academic insight with innovative data-driven approaches, BIGFI contributes to more informed decision-making in both the financial sector and public policy.
PeRCent Research Centre
PeRCent conducts high-quality research on pensions, retirement behaviour and long-term saving. The centre brings together expertise from finance, economics and public policy to analyse how pension systems function and how individuals make decisions about retirement. Through evidence-based insights and close engagement with industry and policymakers, PeRCent contributes to the design of more sustainable and effective pension solutions.
Center for Statistics
The Center for Statistics advances methodological research in statistics and econometrics with applications in finance and economics. The center develops robust analytical tools and improves the modelling of complex financial data, enhancing the accuracy and reliability of empirical research. By supporting data-driven analysis across the department, the Center for Statistics plays a key role in strengthening the scientific foundation of modern finance.
Externally funded projects
Center for Big Data in Finance (BIGFI)
About the project: The Center for Big Data in Finance (BIGFI) will seek to generate a fundamentally new understanding of finance based on the rapid increase in available data combined with the revolution in data science and computing power. The center has a unique opportunity to leverage the synergies of combining leading experts on financial markets with leading experts on economic agents (households and financial institutions) using the broadest data (global market data across asset classes) and the deepest data (complete Danish register data, regulatory data, and proprietary data from two major financial institutions) available anywhere in the world. Our big finance data research will shed new light on financial markets’ role in promoting stability and economic activity, replication crises in finance, the role of financial markets in the green transition, the role of machine learning in finance, households’ obstacles for financial security, and how social networks affect financial markets.
Funder: Danish National Research Foundation (DNRF) /Danmarks Grundforskningsfond (DG)
Date: from 01.01.2023 to 31.12.2028
Coordinator: Lasse Heje Pedersen
Grant amount: DKK 59,760,000
DNRF Chair
About the project: Financial markets play a decisive role in the economy. When firms decide whether to build a new factory, invest in green technologies, or pursue innovation, much depends on the cost of raising capital. This “cost of capital” is a central driver of economic activity – yet it is difficult to measure and often misunderstood. In theory, firms should make investment decisions based on a clear assessment of their cost of capital. In practice, Niels Gormsen’s research shows that reality looks different. Firms’ perceptions often diverge from what economic models assume, and these differences matter. They affect how firms invest, how they respond to monetary policy, and how they engage with major societal challenges, such as climate change. By shedding light on how firms actually perceive and apply the cost of capital, we gain new insights into the dynamics linking financial markets, business decisions, and the broader economy. The goal is to advance fundamental knowledge of how the cost of capital and interest rates shape investment and economic dynamics – and thereby play a crucial role in how the economy of the future takes form.
Funder: Danish National Research Foundation (DNRF) /Danmarks Grundforskningsfond (DG)
Date: from 01.09.2025 to 30.09.2028
Coordinator: Niels Joachim Gormsen
Grant amount: DKK 9,590,000
The Financial Gender Gap (Gender in finance)
About the project: : The financial gender gap, i.e., the well-established gender differences in financial decisions, has been the subject of much recent discussion and debate. We know little about what drives this gap though. Because the financial decisions of individuals play an extensive role in determining welfare in all stages of life, the identification of the contributing factors is of crucial importance. This is the pioneering goal of Gender-in-Finance. The overall concept and central contributions of Gender-in-Finance are the following: (1) the project innovates by creating a unique panel data set, comprised of a rich set of experimental measures, including beliefs, expectations, preferences, and the decision-making abilities of individuals, merged with a panel of detailed high-frequency transaction-level bank data, capturing both real-world financial decisions and constraints of individuals. This will data set will enable the identification of the factors that contribute the most to the financial gender gap in reality; (2) using this data set, the project offers ground-breaking, evidence-based understanding of the gender differences in financial-choices along several dimensions that contribute to financial well-being; (3) by identifying the factors that contribute to the gender gap in financial choices the project informs the development of models of financial decision making. Ultimately, this research agenda will shed light on what drives gender differences in financial decision making as well as which policies may be effective in narrowing these gaps.
Funder: Horizon Europe
Date: from 01.08.2025 to 31.07.2030
Coordinator: Arna Olafsson
Grant amount: DKK 11,200,000
Financial Mistakes
About the project: x
Funder: Danmarks Frie Forskningsfond
Date: from 01.07.2023 to 31.06.2026
Coordinator: Kasper Meisner Nielsen
Grant amount: DKK x
Households and the Housing Market
About the project: x
Funder: Danmarks Frie Forskningsfond
Date: from 01.08.2023 to 30.07.2027
Coordinator: Kathrin Schlafmann
Grant amount: DKK x
Pension Research Centre (PeRCent)
About the project: The mission of the Pension Research Centre (PeRCent) is to create interest and knowledge about pension issues and through research, teaching and intermediation to contribute to the development of the pension system in Denmark. The activities of PeRCent are funded jointly in cooperation between CBS and partners from the pension sector in Denmark. A key objective of the Pension Research Centre (PeRCent) is to make high-quality contributions in the pension research area, through publications in books and leading scientific journals in economics and finance. While research is the cornerstone of PeRCent’s activities, the centre should also be judged on its ability to contribute to a qualified debate on pension policies in Denmark and internationally. In fact, by collaborating with government departments and agencies, pension funds and insurance companies, domestic and international organisations etc., PeRCent seeks to obtain impact of its research on policy and practice.
Funder: ATP, Velliv Foreningen, Sampension, Pædagogernes Pension, Pension Danmark, PFA Pension, P+, Nordea Pension, Akademiker Pension, AP Pension, Danica Pension, Lærernes Pension, PenSam, PKA A/S, Lægernes Pension, Industriens Pension
Date: From 2014 to 2029
Coordinators: Jesper Rangvid
Co-coordinator: Svend E. Hougaard Jensen
Grant amount:
- 2014 - 2019: 10,461,000 DKK
- 2020 – 2024: 14,500,000 DKK
- 2025 – 2029: 7,350,000 DKK
Redaktion af Finans/Invest
About the project: The project consists of the Department of Finance staffing the editorial position for the professional journal Finans/Invest. The grant is intended to ensure that the editorial position is filled by a qualified professional who is independent of special interests, etc. Finans/Invest is a recognized Danish finance journal that publishes articles on investment, finance, and capital intermediation, as well as related legislation. Finans/Invest is published six times a year.
Funder: Finansforeningen/CFA Society Denmark
Date: Ongoing since 2014
Coordinators: Carsten Sørensen and Ken L. Bechmann
Grant amount: DKK 125,000 per year
Who is financing innovation and entrepreneurs? Acomprehensive study of investors in innovation and new firms
About the project: x
Funder: Nasdaq Nordic Foundation
Date: from 01.06.2025 to 30.09.2027
Coordinator: Katarina Ibert Warg
Grant amount: DKK x
Financial data
Academic Corporate Bond TRACE Data
Trace captures and disseminates information on secondary market transactions in corporate bonds issued in the US. The Academic Corporate Bond TRACE data is available on a 36-month delayed basis and include masked identifying information regarding the dealer reporting each transaction. In addition, the product includes a security identifier, execution date and time, price, yield, quantity, commission, buy or sell, and principal or agency capacity. The standard TRACE data set provides transaction-level data on an 18-month delayed basis but does not include any dealer-identifying information.
Access: Contact Peter Feldhütter for access.
Bloomberg
Global financial market data and news. The Bloomberg terminal is an integrated platform providing access to price quotes, financial market and trade data, news, and more.
Access: the Department of Finance has three Bloomberg terminals in our Bloomberg terminal room - Peter Feldhütter is the contact person. CBS students have access through the Bloomberg terminals in the CBS library.
Compustat
Fundamental and market information on publicly held companies. It consists of Compustat North America, Compustat Global and Compustat Emerging Markets.
Access: WRDS
Creditflux CLO-I
CLO-I contains information about Collateralized Loan Obligations (CLOs) which are gathered from trustee reports and mapped bond and loan issuers.
Access: For all CBS faculty and students. Contact Ida Listh for access.
CRSP
The Center for Research in Security Prices (CRSP) maintains a comprehensive collection of security price, return, and volume data for the NYSE, AMEX and NASDAQ stock markets. It consists of the US Stock Database, the Indices Database, US Treasury and Inflation Series, Mutual Funds, The CRSP/Compustat Merged Database and the CRSP/Ziman Real Estate Data Series.
Access: WRDS
EIKON/Datastream
Current and historical financial and economic information, including data on stocks, bonds, derivatives, currencies, trusts, and macroeconomic issues.
Access: Through the EIKON/Datastream application which must be installed on the computer. EIKON/Datastream can also be accessed through an Excel plugin. For students, EIKON/Datastream is available in the Learning Ressource Center in the CBS Library. EIKON/Datastream is also installed on a PC in our Bloomberg terminal room at the Department.
Eurofidai
Stock data, stock index data, exchange rates mutual fund data and corporate events from Europe, Asia, Pacific and the Middle East.
Access: https://www.eurofidai.org/ (data access is password protected). Contact Ida Listh to acquire access to this database
Execucomp
Tracks executive compensation in S&P 1000 firms. Top executives' salary, bonus, and stock option data.
Access: WRDS. Under Compustat Quarterly Updates.
Factiva
Business information from 1.200 newspapers, 6.500 journals and trade magazines, and 350 news agencies as well as financial information about 23.000 listed companies worldwide. Covers 118 countries and 22 languages.
Access: Factiva at CBS Library here.
ISSM
Tick-by-tick data covering NYSE and AMEX between 1983 and 1992, and NASDAQ between 1987 and 1992.
Access: WRDS
Markit
Markit’s single-name and index CDS pricing and reference data use contributions from global institutions. Markit’s growing set of asset classes is used throughout the industry for mark-to-market, research reference, risk control and forecasting activities.
Access: WRDS
Mergent FISD
The Mergent Fixed Income Securities Database (FISD) is a comprehensive database of publicly-offered U.S. bonds.
Access: WRDS
OptionMetrics
OptionMetrics is a comprehensive source of historical price and implied volatility data divided into two databases. The IvyDB Database contains historical prices and options for US equity and the index option market and their associated underlying instruments, correctly calculated implied volatilities, and option sensitivities. Historical data are available from January 1996 until December 2015. Similarly, the IvyDB Europe database contains historical prices and options on European equities and indices from all mayor European exchanges. Historical data are available from January 2002 until December 2015.
Access: WRDS
Orbis
Company database comprising information about more than 65 million companies worldwide, including 241.000 Danish companies. Also covers the banking and insurance sectors.
Access: Orbis at CBS Library here.
S&P Capital IQ, Capital Structure
The database provides extensive data on debt capital structure for over 60,000 global public and private companies and equity capital structure data on over 80,000 active and inactive companies worldwide.
Access: WRDS
SNL (Bank and Insurance data)
SNL provides fundamental coverage of banking institutions and insurance companies. Bank fundamental coverage provides data on performance analysis, asset quality, regulatory capital, and deposit/loan composition while Insurance fundamentals provide data on investment level details, underwriting analysis, solvency, embedded value, and distribution channels.
Access: WRDS
TAQ
The Trade and Quote (TAQ) database contain intraday transactions data (trades and quotes) for all securities listed on the New York Stock Exchange (NYSE) and American Stock Exchange (AMEX), as well as Nasdaq National Market System (NMS) and Small Cap issues. Contact: Jonas Striaukas (jost.fi@cbs.dk)
Access to TAQ database
Thompson Reuters Dealscan
The database contains detailed historical information on the structure of corporate loans and credit lines for US and European firms. The database covers more than 240,000 syndicated loans.
Access: WRDS
Thomson Reuters Tick History
The database provides superior coverage of complete, timely and global microsecond tick data since 1996. It covers equities, fixed income, FX, futures, and options, in the Americas, Asia-Pacific, Europe, Middle East, and Asia. The stream provides trades and quotes messages, market depth, end of day prices from real-time exchanges, and intraday quotes.
Access: Only for Department of Finance faculty and PhD students. Contact Ida Listh for access.
We also have access to the Reuters D5 database which matches executable quotes and trades. Contact Paul Whelan for details.
Trace
Trace captures and disseminates consolidated information on secondary market transactions in publicly traded TRACE-eligible securities (investment grade, high yield and convertible corporate debt) - representing all over-the-counter market activity in these bonds. Trace Historical Time and Sales data is available with 18-month lag and contain more information on time of execution, price, yield, and volume.
Access: WRDS
WRDS
Wharton Research Data Services (WRDS) is a data research platform used to access financial databases from several data providers. CBS subscribes to a number of WRDS databases including those listed on this page. Access here.
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Education (Panel content)
Our contribution to programmes and courses
The Department of Finance offers highly qualified teaching within an extensive number of both part-time and full-time programmes at Copenhagen Business School.
Our faculty members function as both head of studies and study directors for several programmes under the Study Board for Finance, Economics & Mathematics.
This includes: MSc in Economics and Finance - Applied Economics and Finance, MSc in Economics and Finance - Advanced Economics and Finance, MSc in Finance and Investment, MSc in Finance and Strategic Management, MSc in Economics and Business Administration in Finance and Accounting and MSc in Business Administration and Mathematical Business Economics.
Bachelor Programmes
Bachelor programmes to which the Department of Finance contributes
HA almen erhvervsøkonomi
HA er en bred erhvervsøkonomisk uddannelse, der lærer dig at forstå sammenhængene i virksomheders økonomi. Du lærer, hvordan virksomheder opnår deres mål og…
HA(jur.) - erhvervsøkonomi og erhvervsjura
HA(jur.) handler om virksomheders muligheder og forpligtelser. Du lærer, hvordan virksomheder kan opnå gode økonomiske resultater og opfylde forretningsmæssige…
HA(mat.) - erhvervsøkonomi og matematik
På HA(mat.) arbejder du med virksomheders økonomiske problemer ud fra en matematisk tilgang. Matematik, statistik og programmering giver dig tankegangen og…
HA(fil.) - erhvervsøkonomi og filosofi
HA(fil.) giver dig en forståelse af de udfordringer, virksomheder møder i vores komplekse verden. Du lærer om virksomheders behov for økonomisk effektivitet og…
HA i projektledelse
HA PRO giver dig en bred forståelse for virksomheders arbejde med projekter. Du møder forskellige former for projekter, og du lærer at udvikle, gennemføre og…
BSc in Business Administration and Service Management
BSc SEM combines business economics and service sector studies and gives you an in-depth understanding of how to market, sell and organise a service in…
BSc in International Business
The BSc IB gives you a broad understanding of business economics and strategy in a global context. You learn how companies analyse and adapt to the complex…
BSc in International Business and Politics
The BSc IBP teaches you how economic and political forces shape a globalising world - and how companies adjust their business strategies and working methods to…
BSc in International Shipping and Trade
BSc IST provides you with an understanding of the context and strategies of the global shipping industry and prepares you for efficiently planning and managing shipping operations.
Master Programmes
Master programmes to which the Department of Finance contributes
MSc in Economics and Finance - Advanced Economics and Finance
The MSc ADV programme gives you advanced knowledge of cutting-edge research and models in economics and finance. You will learn to analyse and solve real-world…
MSc in Economics and Finance - Applied Economics and Finance
This programme version has the last intake in 2026. MSc APP provides the tools to understand how business is affected by economic conditions, how to analyse…
MSc in Economics and Business Administration in Finance and Strategic Management
In MSc EBA FSM you will explore how financial tools, organisational design and strategic thinking come together to shape decision-making in companies. You will…
Cand.merc.(kom.) – erhvervsøkonomi og virksomhedskommunikation
Cand.merc.(kom.) udbydes for sidste gang i 2028. På cand.merc.(kom.) lærer du at arbejde strategisk med kommunikation, så virksomheden når sine mål. Du lærer…
Cand.merc.(mat.) – erhvervsøkonomi og matematik
På Cand.merc.(mat.) lærer du at forstå og løse komplekse økonomiske og kvantitative problemstillinger i virksomheder. Du arbejder med avancerede matematiske og…
Cand.merc.aud. – revision
På cand.merc.aud. lærer du om revision, regnskab, økonomi og jura. Du lærer at gennemgå og kontrollere en virksomheds regnskaber og vurdere, hvordan økonomiske…
Cand.merc.(jur.) - erhvervsøkonomi og erhvervsjura
På cand.merc.(jur.) lærer du om erhvervsjura i Danmark og EU. Du får en specialiseret forståelse af, hvordan virksomheder, organisationer og myndigheder…
Our PhD programmes
The Department of Finance offers core courses in asset pricing, corporate finance and empirical finance/financial econometrics. In addition, intensive courses in more specialised financial or methodological topics are offered on an ongoing basis as part of the activities of the Nordic Finance Network (NFN), of which CBS is an active member.
PhD students take part in the Department’s PhD seminar series, where they present their research. They are also encouraged to present at lunch seminars and to submit their work to the annual Nordic PhD workshop, which is part of NFN’s activities. Presentations at workshops and conference submissions form an essential part of their research training.
All scholarships initially cover a three-year study period. Extended funding may be available for successful candidates who wish to pursue an academic career.
To be considered for a PhD position in Finance, applicants must have basic training at master’s level (equivalent to the 3 + 2 Bologna process). Applicants must have completed their master’s degree before commencing as PhD students at CBS, although applications from those close to completion are also welcome. In general, an MBA does not meet this requirement. Applicants must be fluent in English, and successful candidates will have an outstanding academic record from previously completed programmes. Priority will be given to applicants with a strong quantitative background and solid training in financial economics.
PhD students are expected to take an active part in the academic life of the department. Students under the Industrial PhD programme are welcome, but the department discourages applicants who wish to complete a PhD as a part-time project.
PhD in Statistics 2026? Apply no later than 20 May, 2026
The Center for Statistics within the Department of Finance at Copenhagen Business School invites applications for a PhD scholarship in Statistics. The scholarship is available under both the traditional three-year PhD scheme and the 4+4 PhD scheme. Read more and apply today!
See the job posting
Being a PhD student
Hear more about being a PhD student at the Department of Finance.
Interested in doing a PhD with us?
PhD programmes within Finance
PhD in Finance
The aim of our PhD program is to produce PhD candidates at a high international level. In addition to learning how to conduct research at an international level, students will acquire a broad theoretical and methodological insight into the discipline of finance.
PhD in Statistics and AI
The aim of our PhD program is to produce PhD candidates at a high international level. In addition to learning how to conduct research at an international level, students will acquire a broad theoretical and methodological insight into the discipline of statistics and AI.
