Who we are

The Center for Entrepreneurial and Financial Studies (CEFS) was established in May 2003 as a joint institute by the Chair of Entrepreneurial Finance (former KfW-Chair in Entrepreneurial Finance) and the Chair of Financial Management and Capital Markets. In 2015, Prof. Dr. Reiner Braun (Chair of Entrepreneurial Finance 2) joined the scientific director team. Under the leadership of Prof. Dr. Dr. Ann-Kristin Achleitner, Prof. Dr. Christoph Kaserer and Prof. Dr. Reiner Braun the CEFS research and teaching activity is currently supported by a Managing Director as well as about 20 academics. Moreover, several well-known lecturers are enriching its teaching program. A quarterly newsletter fosters the exchange with leading practitioners. 

The CEFS is part of TUM Business School at the Technical University of Munich, which was founded in 2002 and consists of over 30 professors in the fields of economics, business administration and social sciences. The Technical University of Munich has 13 departments, more than 500 professors, almost 10.000 employees and approximately 40.000 students. Its unique profile combines natural sciences, engineering, life sciences and medicine, which provides excellent conditions for transdisciplinary cooperations with scientists and researchers from other academic backgrounds. The CEFS is located in Munich, which is a leading location in terms of both research and economy. With Ludwig-Maximilians-Universität München and Technical University of Munich it hosts two internationally renowned universities as well as numerous other high-quality research institutions (e.g. Max-Planck-Gesellschaft or Fraunhofer Institute). Munich has a viable financial industry (insurance, banking and venture capital) fostering the media, biotechnology and high-tech-industries located e.g. in Martinsried and Großhadern (biotechnology) close to Munich.

CEFS combines research on young, innovative and medium-sized companies with that on public and private capital markets. During recent years, the CEFS staff successfully conducted some widely-cited projects and studies together with such renowned partners as EVCA, Deutsche Börse, Apax Partners, KfW Mittelstandsbank, Harvard Business School or London Business School. Current CEFS research is published in the CEFS working paper series.