Department of Finance


Room: SOL/A5.13

Most of my recent research focuses on developing models for the investment and consumption decisions of individuals and households of the life cycle. These models are extending traditional models by taking into account the housing decisions and the labor income flow of the households in order to establish a more realistic framework for understanding real-life household decisions and for improving the professional investment advice to households. Various aspects of these models still need to be explored and I am involved in several research projects doing so. My other research interests are in general asset pricing theory, the pricing of fixed-income securities, numerical methods in finance, and management compensation.

Primary research areas
  • Investment and consumption decisions of individuals and households
  • Asset allocation
  • Asset pricing theory
Link to this homepage
  • Investments (MSc FIN)
  • Financial Market Theory (MSc FSM)


Other teaching activities

Theoretical Asset Pricing (Graduate School of Finance, Finland)

Selected publications
  • Munk, C. (2013). Financial Asset Pricing Theory. Oxford University Press.
  • Bick, B., Kraft, H., & Munk, C. (2013). Solving Constrained Consumption-Investment Problems by Simulation of Artificial Market Strategies. Management Science, 37(5), 1397-1411.
  • Christensen, P.O., Larsen, K., & Munk, C. (2012). Equilibrium in Securities Markets with Heterogeneous Agents and Unspanned Income Risk. Journal of Economic Theory, 147(3), 1035-1063.
  • Kraft, H., & Munk, C. (2011). Optimal Housing, Consumption, and Investment Decisions over the Life-Cycle. Management Science, 57(6), 1025-1041.
  • Munk, C. (2011). Fixed Income Modelling. Oxford University Press.
  • Munk, C., & Sørensen, C. (2010). Dynamic Asset Allocation with Stochastic Income and Interest Rates. Journal of Financial Economics, 96(3), 433-462.
Publications sorted by:
Linda Sandris Larsen; Claus Munk; Rikke Sejer Nielsen; Jesper Rangvid / How Do Interest-only Mortgages Affect Consumption and Saving over the Life Cycle?
In: Management Science, Vol. 70, No. 3, 3.2024, p. 1970-1991
Journal article > peer review
Linda Sandris Larsen; Claus Munk / The Design and Welfare Implications of Mandatory Pension Plans
In: Journal of Financial and Quantitative Analysis, Vol. 58, No. 8, 12.2023, p. 3420-3449
Journal article > peer review
Holger Kraft; Claus Munk; Farina Weiss / Bequest Motives in Consumption-portfolio Decisions with Recursive Utility
In: Journal of Banking & Finance, Vol. 138, 5.2022
Journal article > peer review
Søren Fiig Jarner; Claus Munk; Mogens Steffensen / Pension Product Design and Relations to the Danish Market
In: The Danish Pension System: Design, Performance, and Challenges. . ed. /Torben M. Andersen; Svend E. Hougaard Jensen; Jesper Rangvid. Oxford : Oxford University Press 2022, p. 78-117
Book chapter > peer review
Christoph Hambel; Holger Kraft; Claus Munk / Solving Life-cycle Problems with Biometric Risk by Artificial Insurance Markets
In: Scandinavian Actuarial Journal, No. 4, 5.2022, p. 307-327
Journal article > peer review
Claus Munk / A Mean-variance Benchmark for Household Portfolios over the Life Cycle
In: Journal of Banking & Finance, Vol. 116, 7.2020
Journal article > peer review
Nicole Branger; Linda Sandris Larsen; Claus Munk / Hedging Recessions
Paper presented at Midwest Finance Association 2019 Annual Meeting , 2019
Paper > peer review
Nicole Branger; Linda Sandris Larsen; Claus Munk / Hedging Recessions
In: Journal of Economic Dynamics and Control, Vol. 107, 10.2019
Journal article > peer review
Holger Kraft; Claus Munk; Farina Weiss / Predictors and Portfolios Over the Life Cycle
In: Journal of Banking & Finance, Vol. 100, 3.2019, p. 1-27
Journal article > peer review
Nicole Branger; Linda Sandris Larsen; Claus Munk / Hedging Recessions
Paper presented at 25th Annual Meeting of the German Finance Association. DGF 2018, 2018
Paper > peer review
More results... (total 36 results)
Research Projects
Outside activities
  • Course teacher and organizer, Doctoral School of Finance, Finland, every year since 2005
  • Occasional consulting for Forsikring & Pension (Insurance & Pension Denmark) and Rådet for Afkastforventninger (Council for Return Expectations), since 2017