Portrait of Professor Dr Christoph Kaserer

Professor Dr Christoph Kaserer : Associate

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 in the top 10% of authors worldwide in terms of downloads on the Social Science Research Network (ssrn.com). In 2005 he was awarded the Innovationspreis der Stiftung Industrieforschung (jointly 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 and as a publicly appointed court witness expert. Since 2016 he has been a member of the Group of Economic Advisers at ESMA.

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

Oxera Associates are highly skilled independent experts who are recognised within a variety of sectors. These individuals have a wealth of knowledge within their fields, and our collaboration with them means that we can offer the best advice, inspiring our clients to make better decisions.

Christoph speaks English, German, and Italian.

Tel: +49 (0) 30 7675 99102

Christoph's specialisms include:


  • Kaserer, C. and Klein, C. (2019): ‘Systemic Risk in Financial Markets: How Systematically Important Are Insurers?’, Journal of Risk and Insurance, 86:3, pp. 729–759.

  • Berg, T. and Kaserer, C. (2015): ‘Does Contingent Capital Induce Excessive Risk-Taking?’, Journal of Financial Intermediation, 24:3, pp. 356–85.

  • 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.


  • Economics degree, University of Vienna, Austria

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