Research at the Center of Asset and Wealth Management –

Answering relevant research questions.

The CAWM and its sponsors jointly define research projects that make it possible to solve deeper questions that often cannot be considered in professional everyday life because of e.g. missing expertise and time constraints. The scientific foundation also speaks for the transfer of this work to the CAWM.

The results of the research and cooperation include a private banking book, the processing of many topics as dissertations, a number of publications and the opportunity to get students interested in the subject of asset and wealth management as part of their bachelor or master theses.

Current Disseration Projects

  • Advancements in Quantitative Investments: Shedding Light on the Risk Parity Portfolio
    Nabil Alkafri
  • The Pricing and Hedging of Volatility Derivatives
    Volker Anger
  • Essays in Finance
    Tobias Burggraf
  • Essays on Innovations in Finance
    Ralf Conen
  • The Allure of Investing at Home: On Drivers of Equity Home Bias and International Portfolio Diversification
    Matthias Feldhues
  • The Role of Corporate Reputation in the Financial Services Industry
    Markus Hüren

  • Higher Education Financing Funds as an Asset Class - The perspective of institutional and private investors
    Samah Adel Ahmed Ibrahim
  • Essays in Empirical Asset Pricing
    Quynh Pham

Completed Dissertation Projects

The following doctoral theses have already been completed at the CAWM:

  • Essays on the Performance and Behaviour of Retail Investors on Online Trading Platforms
    Alexander Deneke
  • Essays on Research Productivity in Business and Economics: Growing Interconnectedness or High Degree of Separation?
    René Maler
  • Trading Strategies and Dynamic Interactions under Long-term Volatility
    Alex Kusen
  • Essays on the Relation between Idiosyncratic Volatility and Expected Returns
    Sebastian Seidens
  • Understanding and Debiasing Investor Behaviour - The Dispostion Effect
    Marc Wierzbitzki
  • Parameter Estimation Risk in Portfolio Optimization - an Application to Smart Beta Investment Strategies
    Benedikt Himbert
  • The Regulation of Systemically Relevant Banks
    Sebastian Mönninghoff
  • Behavioral Biases in Financial Advisory Services
    Danny Stutz
  • The Housing Market and the Wider Economy: Dynamics, Interplay, and Policy Suggestions
    Sabine Winkler
  • Essays on the Kelly Criterion and Growth Optimal Strategies
    Kai Philipp Winselmann
  • Bildungsfonds als Anlageklasse
    Johannes Frankenfeld
  • Illiquid Life Insurance Investments in a Portfolio Context
    Ruth Kümmerle
  • Essays on Financial Markets in the European Monetary Union
    Marcel Omachel
  • Essays in International Finance - The Role of Sovereign and Banking Credit Risk in Exchange Rate Determination
    Sören Pippart
  • Investor Attention and Market Efficiency
    Konstantin Storms
  • Third-Order Risk Preferences and Cumulative Prospect Theory: An Experimental Study
    Michael Borß
  • Essays in Finance
    Matthias Held

Investing in Volatility: Analytical and Empirical Studies on the Benefits of Volatility Exposure in Equity Portfolios
Julia Kapraun

  • Asset Allocation im Private Banking
    Marc Engelbrecht
  • Private Banking Rating - Evaluating Private Banking Providers from a Customer's Perspective
    Tim Krume
  • Financial Analysts' Forecasts - Lessons from the Crisis
    Jan Peter Schmütsch
  • Asset and Liability Management mit Sprungrisiken
    Mareen Benk
  • Predictions, Nonlinearities and Portfolio Choice - Applications of Artificial Neural Networks to German Market Indexes
    Friedrich Kruse
  • Kundenportfoliomanagement im Private Banking
    Christian Zaum
  • Essays on the Valuation of Commodity Derivatives
    Janis Back
  • Bewertung von Exchange Traded Funds - Eine Analyse von Performance und Marktunvollkommenheiten in Europa
    Marius Dethleffsen
  • Unternehmensnachfolgedienstleistungen im Private Banking
    Benjamin Meiers
  • Credit Portfolio Management - An Analysis of Credit Risk Drivers, Models and Risk Management Tools
    Christoph Pavel
  • Kundenzufriedenheit im Private Banking - Eine empirische Analyse der Zufriedenheit vermögender Privatkunden
    Volker Seiler
  • Performance Messung von Kundenportfolios im Private Banking
    Katrin Baedorf
  • Qualitätsmessung im Private Banking - Eine Analyse der Dienstleistungsqualität und deren Auswirkungen
    Carsten Horn

Supported Theses –
A broad spectrum of topics

The supported bachelor, master and diploma theses consist of a broad spectrum of topics. Please find below some examples of the theses supported by the CAWM and the Allianz Endowed Chair of Finance since 2006.

  • The Private Banking Market: a Supply-oriented Perspective for German Clients
  • Customer Value Analysis
  • Customer Relations in the Private Banking Industry (Total Quality Management)
  • Segmentation in the Private Banking Industry - Concepts of Customer Segmentation in Theory and Business-Life
  • Development and Implementation of a KPI-based Management Control System for a Bank Sales Network
  • Asset Allocation From an Entrepreneurial Perspective
  • Including Privately Owned Real Estate in Portfolio Management
  • How to Predict Credit Beta within Credit Portfolio Management
  • Pricing Shares of Closed-End Real Estate Funds - Especially of Funds with Real Estate in Germany
  • Valuation of Growth Companies
  • Valuation of Internet Companies Using Customer Valuation Models
  • Pricing Options on the DAX - an Empirical Investigation
  • Performance Measurement for Private Equity Investments
  • Performance Measurement for Hedge Funds
  • Performance Measurement for Commodities
  • Risk Management in the Hedge Fund Industry
  • Risk Measurement and ex Ante Profitability Estimation of Corporate Bond Investments
  • Overview of Islamic Wealth Management: Specific Characteristics and new Developments
  • The Rise of the Islamic Financial Industry and the Market Potential for Islamic Financial Products in Germany
  • Sovereign Wealth Funds
  • Behavioral Finance - Models and Methods to Consider Individual Decision Processes
  • Asset Management Trends
  • The Subprime- and Liquidity Crises 2007 - Consequences and Lessons for the Future
  • Management of Funded German Pension Obligations
  • Investor Sentiment and the Stock Demand in Europe
  • Momentum at the German Stock Market
  • Stock market Volatility - an International Comparison
  • Share Price Anomalies at the Chinese Stock Market
  • Equity Swaps
  • Macroeconomic Influences on Stock Prices
  • Increase of Return in Private Equity Portfolios Using Synergies of Portfolio Companies
  • Private Equity Investment in China
  • LBO Transaction. Value Creation in the Case of Recapitalisations
  • IFRS 3 - Consequences from the Perspective of a Private Equity Investor
  • Private Equity Investments in Insolvent Structures and the Amendment of the German Bankruptcy Code
  • Testing the German Bund Future on Predictability and Arbitrage Opportunities
  • Debt Investments in Companies in a State of Crisis
  • Credit Derivative Market, CDS and hedging of the iBoxx € Corporate Overall Index with selected iTraxx Family Members
  • Evaluation and Comparison of Real Estate Evaluation Methods
  • UK-REITs - Diversification, Growth Initiative, Proper Leverage
  • The Application of Property Derivatives for the German Banking Sector
  • Alternative Financing Models for Real Estate Project Development - a Investigation of the Influence of Asymmetric Information
  • Asset Liquefaction - is Real Estate Going to Follow Credit?
  • Farmland as an Investment for HNWIs - Opportunities and Threads of an Asset Class
  • An Examination of the Certificates Market From the Perspective of Life Insurance Companies
  • Opportunities and Threads of Hedge Funds - Demystifying the High Returns of Hedge Funds
  • Human Capital as an Asset Class Used for Risk Diversification
  • Investments in Labor Income & the Cross-section of Returns - Focus on Eastern Europe and Developing Countries