Department of Finance

Ken L.
Ph.D, Member of Blue MBA study board

Room: SOL/A5.19
E-mail: kb.fi@cbs.dk

My research interests are within corporate finance and corporate governance and include many hot topics like executive compensation, incentive-based pay, pay-out policy, and corporate governance in the Danish banking sector. Much of the research has received extensive attention in the media and has been used in connection with recent work on changing recommendations and regulations. In addition, I have received different awards for the practical relevance of my research and for the dissemination of the research.  

Primary research areas
  • Corporate Finance
  • Corporate Governance
  • Executive compensation
  • Incentive based compensation
  • Pay-out policy
Administrative tasks

Link to this homepage

Advanced Economics and Finance (elite) program
Ph.D. program in finance
Private Equity at the HD(F) evening program
Advanced Corporate Finance at the EngAGE program


Supervising several master thesis and one Ph.D.-student

Other teaching activities

Many specialized courses and talks for the industry.

Selected publications
  • Bechmann, K. L. and J. Raaballe (2010) “Taxable Cash Dividends – A Money Burning Signal”, European Journal of Finance, Vol. 16 (1): 1-26.
  • Bechmann, K. L. and T. Hjortshøj (2009), “Disclosed Values of Option-Based Compensation – Incompetence, Deliberate Underreporting or the Use of Expected Option Life?”, European Accounting Review, Vol. 18 (3): 475-513.
  • Bechmann, K. L. and J. Rangvid (2007), “Rating mutual funds: Construction and information content of an investor-cost based rating of Danish mutual funds”, Journal of Empirical Finance, Vol. 14 (5): 662-693.
  • Bechmann, K. L. (2004), “Short Sales, Price Pressure, and the Stock Price Response to Convertible Bond Calls”, Journal of Financial Markets, Vol. 7 (4): 427-451.
Publications sorted by:
Ken L. Bechmann / ESG, risikostyring og pensionsopsparing set i lyset (mørket) af coronakrisen
In: Finans/Invest, No. 2, 2020, 6 p., p. 2-3, 5-8
Ken L. Bechmann / Finans/Invest - Årsrapport 2019
In: Finans/Invest, No. 1, 2020, 2 p., p. 2-3
Ken L. Bechmann / ATP : Giver den langsigtede investeringsstrategi øget risiko på den korte bane?.
In: Finans/Invest, No. 5, 2019, 6 p., p. 2-4, 30, 39
Ken L. Bechmann / Deflation - måske alligevel ikke så slemt som man ellers tror
In: Finans/Invest, No. 4, 2019, 2 p., p. 2-3
Editorial > peer review
Ken L. Bechmann / Direktørlønninger og betydningen af korrekt benchmarking
In: Finans/Invest, No. 6, 12.2019, p. 12-16
Journal article > peer review
Ken L. Bechmann / Direktørlønninger og en ny efterspurgt vejledning i forbindelse med aktionærrettighedsdirektivet
In: Finans/Invest, No. 6, 2019, 5 p., p. 2-4,11,27
Ken L. Bechmann / Finans/Invest – 5 års jubilæum
In: Finans/Invest, No. 1, 2019, 5 p., p. 2-5, 19
Editorial > peer review
Ken L. Bechmann / Finanstilsynet, den nye aftale om styrkelse af tilsynet og aktuel status på den finansielle stabilitet
In: Finans/Invest, No. 2, 2019, 6 p., p. 2-5, 25, 31
Ken L. Bechmann / Samfundsforudsætninger, porteføljeteori og risikospredning
In: Finans/Invest, No. 3, 2019, 7 p., p. 2-5, 30, 35
Ken L. Bechmann / Bankhistorie og finansiel stabilitet
In: Finans/Invest, No. 3, 2018, p. 2-5
Editorial > peer review
More results... (total 106 results)
Academic Interests

Research Projects
Outside activities


  • Akademisk Arkitektforening: teaching.
  • Alm. Brand: consulting and professional talk.
  • CBS Executive: teaching.
  • Computershare: professional talk.
  • Copenhagen Economics: consulting and professional talk.
  • Ferring – expert's report ordered by a court (syns- og skønsrapport).
  • FSR: teaching.
  • Halberg-Gundersen Invest: board member.
  • Mannheim Business School: teaching.
  • University of St.Gallen: teaching.


  • FSR: teaching.
  • Akademisk Arkitektforening: teaching.
  • CBS Executive: teaching.
  • Dansk Energi: consulting/professional talk.
  • Dansk Vand: consulting/professional talk.
  • Dansif: professional talk.
  • Erhvervsstyrelsen: consulting.
  • Ferring – expert's report ordered by a court (syns- og skønsrapport).
  • Finanstilsynet: member of expert committee.
  • Halberg-Gundersen Invest: board member.
  • Mannheim Business School: teaching.
  • University of St.Gallen: teaching.