The German Research Foundation (DFG) has approved a second four-year
funding period for the research group FOR 5230 "Financial Markets and
Frictions - An Intermediary Asset Pricing Approach." The
extension of the joint project is the result of an excellent
evaluation of the first phase (2022-2025). Among the applicants is
Prof. Dr. Nicole Branger from the Finance Center Münster.
The aim of the research group is to analyze price formation in financial markets from the
perspective of financial intermediaries – and thus to question traditional
models that assume frictionless markets. In the
next phase, the team will expand its research program to include the integration of
demand-based asset pricing. This new approach examines
how the demand patterns of various financial intermediaries – such as banks,
investment funds, and insurers – interact when it comes to price formation
in the market, thus enabling a deeper understanding of market dynamics.

For more information, visit https://www.intermediaryassetpricing.de/