Professor Dr Christoph Kaserer


+49 (0) 30 7675 99102

Location: Berlin

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Christoph is co-director of the Center for Entrepreneurial and Financial Studies (CEFS) and Full Professor of Finance at Technische Universität München (TUM). From 2005 to 2010 he was also the dean of the TUM School of Management. His areas of expertise are corporate finance, project and infrastructure finance, financial markets, private equity, and asset management.

Christoph publishes in leading international academic journals. He is among the top 200 authors worldwide in terms of downloads on the Social Science Research Network ( In 2005 he was awarded the ‘Innovationspreis der Stiftung Industrieforschung’ (with Ann-Kristin Achleitner) for the development of the German Entrepreneurial Index, GEX©, in a joint project with Deutsche Börse AG. He also acts as an expert for private companies and public institutions. He recently acted as an expert for the German government in the context of private equity and capital market regulation. Since 2008 he has been Chairman of the Governing Body of the Private Equity Research Exchange Platform (PEREP) established by the European Private Equity & Venture Capital Association (EVCA).

Before joining TUM, Christoph was a Full Professor of Financial Management and Accounting at the Université de Fribourg, Switzerland.

Selected publications

  • Schmid, T., Achleitner, A.-K., Ampenberger, M. and Kaserer, C. (2014), ‘Family firms and R&D behavior – New evidence from a large-scale survey’, Research Policy, 43:1, pp. 233–44.

  • Achleitner, A.-K., Günther, N., Kaserer, C. and Siciliano, G. (2014), ‘Real earnings management and accrual-based earnings management in family firms’, European Accounting Review, 23:3, pp. 431–61.

  • Berg, T. and Kaserer, C. (2013), ‘Extracting the Equity Premium from CDS Spreads’, The Journal of Derivatives, 21:1, pp. 8–26.

  • Rösch, C.G. and Kaserer, C. (2013), ‘Market liquidity in the financial crisis: The role of liquidity commonality and flight-to-quality’, Journal of Banking and Finance, 37:7, July, pp. 2284–302.

  • Ernst, C., Strange, S. and Kaserer, C. (2012), ‘Accounting for non-normality in liquidity risk’, The Journal of Risk, 14:3, pp. 3–21.

  • Strange, S. and Kaserer, C. (2011), ‘The Impact of Liquidity Risk: A Fresh Look’, International Review of Finance, 11:3, pp. 269–301.

  • Buchner, A., Kaserer, C. and Wagner, N. (2010), ‘Modeling the Cash Flow Dynamics of Private Equity Funds: Theory and Empirical Evidence’, The Journal of Alternative Investments, 13:1, pp. 41–54.

  • Dickgiesser, S. and Kaserer, C. (2010), ‘Market efficiency reloaded: why insider trades do not reveal exploitable information’, German Economic Review, 11:3, pp. 302–35.

  • Diller, C. and Kaserer, C. (2009), ‘What Drives Private Equity Returns?– Fund Inflows, Skilled GPs, and/or Risk?’, European Financial Management, 15:3, pp. 643–75.

  • Kaserer, C. and Klingler, C. (2008), ‘The accrual anomaly under different accounting standards – lessons learned from the German experiment’, Journal of Business Finance & Accounting, 35:7–8, pp. 837–59.

  • Kaserer, C. and Kraft, M. (2003), ‘How Issue Size, Risk, and Complexity are Influencing External Financing Costs: German IPOs analyzed from an Economies of Scale Perspective’, Journal of Business Finance & Accounting, 30:3–4, pp. 479–512.

  • Kaserer, C. and Wenger, E. (1998), ‘The German system of corporate governance – a model which should not be imitated’, pp. 41–78 in S.W. Black and M. Moersch (eds), Competition and Convergence in Financial Markets: The German and Anglo-American Models, Elsevier Science.

  • Kaserer, C. and Wenger, E. (1998), ‘German Banks and Corporate Governance: A Critical View’, pp. 499–536 in K.J. Hopt, H. Kanda, M.J. Roe, E. Wymeersch and S. Prigge (eds), Comparative Corporate Governance: The State of the Art and Emerging Research, Oxford University Press.


  • Economics degree, University of Vienna


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