Jesper Lund Pedersen is an Associate Professor at the Department of Mathematical Sciences , University of Copenhagen , specializing in applied probability theory with applications in financial mathematics and insurance mathematics . His research spans stochastic processes, optimal stopping time problems, and stochastic control. Education : PhD in Mathematics (2000, Aarhus University) His work addresses: (Nonlinear) optimal stopping time problems Stochastic control and filtering Multidimensional point processes Levy processes in finance Key publications reveal expertise in Bayesian changepoint detection , random drift identification , and mean-variance portfolio optimization , with interdisciplinary applications in neuroscience (V-ATPase dynamics) and epidemiology. Scientific awards : Villum Experiment Grant (2018-2020) Steno Research Fellowship (2002-2005) His research collaborations span Denmark, the UK, Germany, and the USA, focusing on probability theory, financial mathematics, and biomedical applications.
Linda Sandris Larsen is an Associate Professor of Finance at the Copenhagen Business School's Department of Finance. She previously held academic positions at the University of Southern Denmark (Assistant Professor 2009–2012 and Associate Professor 2012–2016). Her primary affiliations include the Pension Research Center (PerCent) at CBS and board membership at Sydinvest (Danish mutual fund). Education: PhD in Finance (2009), MSc in Mathematics-Economics (2003), both from University of Southern Denmark Her research focuses on dynamic asset allocation, household financial decision-making (particularly mortgage choices), and the impact of model/parameter uncertainty on investment strategies. Current projects explore: Life-cycle consumption-saving interactions with interest-only mortgages Design efficacy of mandatory pension plans Gender disparities in pension product selection Recent publications emphasize practical policy implications, such as recession hedging strategies and pension system welfare analysis. She actively contributes to public policy through roles like the Ministry of Business and Growth's working group on banking/mortgage competition. Her work bridges theoretical finance with real-world applications, often combining stochastic models with empirical analysis of household financial behaviors.
Kristian Miltersen is a Professor at the Department of Finance and Center for Financial Frictions (FRIC) at Copenhagen Business School (CBS). He holds expertise in capital structure optimization, real options valuation, commodity derivatives, and structured financial products. His research bridges theoretical finance with practical applications in corporate finance and asset pricing. After earning his PhD in 1992 on continuous-time interest rate models, Miltersen has expanded into dynamic capital structure modeling and real options. His landmark 1997 Journal of Finance paper on LIBOR Market models critiques the Black-76 formula's limitations for fixed income derivatives. His work spans commodity derivatives, foreign exchange instruments, and R&D investment dynamics, all rooted in theoretical frameworks. Recent research focuses on dynamic debt policies, second mortgages' valuation, tax-driven corporate cash holdings, and state-contingent capital budgeting. He co-authored influential papers on callable debt renegotiations and the interaction between financing and investment decisions under varying industry structures. Teaching includes elite courses on asset pricing, energy markets, and capital structure. As program director for CBS' Advanced Economics and Finance MSc, he shapes advanced academic programs. Outside academia, he serves as an expert witness and consultant for Analysis Group, advising on financial litigation and complex economic issues. His over 40 publications since 1989 reflect deep engagement with financial modeling, spanning interest rate guarantees, commodity price dynamics, and corporate debt optimization. Current research continues exploring financial frictions' impact on corporate policy and market structures.
Jane Bjørn Vedel is an Associate Professor at the Department of Organization, Copenhagen Business School, and a member of the Center for Organizational Research on Impact (CORI). Her research explores the organizational and societal effects of large-scale donations to research, dynamic capabilities in interorganizational relationships, and the role of time and temporality in innovation management. Her recent work investigates how transformative innovation policy reshapes universities’ organizational structures and how spatial scale influences institutional processes. She has secured significant funding (1.72M EUR) as a Principal Investigator and collaborates with institutions like Stanford University. Key Research Themes: Organizational adaptation to financial shifts Temporal tensions in dynamic capabilities Interorganizational collaboration in mission-oriented research Isomorphic differences in science policy Micro-foundations of resource integration Her publications appear in top journals like Research Policy and Journal of Management Studies , with recent articles focusing on resilience in goal-complex environments and ethical disruptions in organizations. She has mentored PhD candidates and postdocs, including Vera Simoneit and Søren Lund Frandsen.
Irina B. Mateus is an Associate Professor in Finance at Aalborg University Business School, part of the Faculty of Social Sciences and Humanities. She joined Aalborg University in 2019 and remains an active researcher with a focus on corporate finance, corporate governance, and asset management. Education: PhD in Finance, specializing in Benchmark Indices, Alpha Creation, and Performance Persistence. Her research interests include: Corporate Finance (Cash Holdings, Capital Structure) Corporate Governance (Board Diversity) Asset Management (Mutual Funds Performance and Style Investments) Recent research output spans topics such as mutual fund performance persistence, climate risk reporting by pension funds, share repurchase dynamics, and VAT policy impacts on tourism. She collaborates internationally and has contributed to projects like 'Climate Risk Reporting by Pension Funds: International Evidence' funded by Denmark's Independent Research Fund. Scientific awards and specific student details are not explicitly listed in her profile.
Carsten Sørensen is the Head of Department at the Department of Finance, Copenhagen Business School (CBS), and holds a Cand.Scient.Oecon and Ph.D. His research focuses on dynamic asset allocation, portfolio theory, term structure of interest rates, derivatives, and commodity derivatives. He has contributed extensively to understanding strategic investment decisions under uncertainty, particularly in volatile financial markets. He has authored or co-authored over 29 publications, including seminal works on stochastic income modeling, interest rate dynamics, and commodity futures analysis. His work frequently explores the intersection of theoretical finance and practical investment strategies, emphasizing real-world applications of academic insights. Current Roles: Head of Department (Department of Finance), Director of Danish Finance Institute (2019–present) Outside Activities: Academic Committee Member for Danish FSA (2011–present), Teacher at Danish Society of Actuaries (2019) Key Contributions: Pioneered research on mean-reverting returns and inflation uncertainty in asset allocation models His research trends emphasize quantitative methods to address market complexities, with a focus on stochastic processes and dynamic optimization. He has consistently challenged conventional investment recommendations through rigorous empirical analysis. Awards: None explicitly listed Grants: No specific grants mentioned He is actively involved in academic leadership, directing interdisciplinary research initiatives at CBS and advising regulatory bodies on financial education standards.
Charlotte Østergaard is a Professor of Finance at Copenhagen Business School (CBS), where she has been since 2022. She holds a Ph.D. and M.A. in Economics from Brown University and a B.A. in Economics from the University of Copenhagen. Her research focuses on corporate governance, family firms, entrepreneurship, and banking. Notably, she has examined governance structures in historical Norwegian firms, the impact of banking deregulation on small businesses, and the role of social capital in stakeholder-oriented institutions. Previously, she served as Director of the Centre for Corporate Governance Research at BI Norwegian Business School (2019–2024), and held visiting positions at Norges Bank and the University of Salerno. Her work spans theoretical and empirical analyses of corporate governance mechanisms, family succession challenges in businesses, and the real effects of financial market shocks. Her recent publications explore topics such as board design without corporate law, liquidity-driven shareholder activism, and the underperformance of family firms during leadership transitions. She is affiliated with multiple research institutes, including the European Corporate Governance Institute and the Danish Finance Institute. Professional activities include roles on the Norwegian Research Council’s Financial Markets Fund board and as Executive Director of the European Financial Association (2018–2021). Her research bridges historical institutional analysis with contemporary corporate governance challenges, emphasizing practical implications for policy and business strategy.
Katja Mann is an Associate Professor at Copenhagen Business School with affiliations to the Pension Research Centre (PeRCent) at CBS and as a visiting researcher at Danmarks Nationalbank. She serves as an Associate Editor at the European Economic Review. Current research focuses on automation technology, demographic aging, inequality, and their macroeconomic implications Specializes in integrating macroeconomic models with micro data Research Trends : Her recent publications analyze automation's economic impacts through patent text analysis, pension reform effects on wealth distribution, and capital allocation efficiency in globalized economies. The work combines theoretical modeling with empirical validation using large-scale datasets. Key Contributions : Developed automated patent classification systems Quantified automation's regional economic impacts Evaluated pension reform policies Analyzed financial integration mechanisms
Yan Zhao is an Associate Professor in the Department of Computer Science at Aalborg University, Denmark, affiliated with The Technical Faculty of IT and Design. His research focuses on data engineering, science, and systems, with a particular emphasis on anomaly detection, machine learning, and spatio-temporal data analysis. He holds a Ph.D. in Computer Science (specific education details not explicitly provided). Research Interests: Dr. Zhao's work spans anomaly detection, autoencoders, attention mechanisms, preference learning, multivariate time series, and computational efficiency. His research often integrates machine learning with real-world applications in spatial crowdsourcing, trajectory analysis, and data privacy. Publications: With 72+ publications, his recent work emphasizes spatio-temporal prediction frameworks, federated learning, and efficient time series analysis. Notable contributions include frameworks for continuous learning on streaming data and privacy-preserving clustering in spatial crowdsourcing. Grants & Supervision: He has supervised one Ph.D. student and actively contributes to research grants focusing on data engineering and smart systems. His work bridges theoretical advancements with practical applications in transportation, social networks, and IoT.
Frederik Steen Lundtofte is a Full Professor of Finance at Aalborg University Business School, part of the Faculty of Humanities and Social Sciences. He holds a PhD in Economics from Lund University and conducted PhD studies at UCLA. His research focuses on portfolio choice, asset pricing, and banking risk behavior, with publications in top journals like European Economic Review and Journal of Banking and Finance . He has led/co-led projects such as Green Finance (2024–2026) and Climate Finance (2019–ongoing). Education: PhD in Economics, Lund University (2000–2005) PhD studies in Economics & Finance, UCLA (2001–2002) MSc in Economics, Lund University (1996–2000) His research interests include volatility analysis, risk premiums, and investor behavior. Notable projects involve green transitions in port operations and cross-border banking dynamics. He has served as a peer reviewer for journals like Investment Analysts Journal and Financial Markets and Portfolio Management . He is also a Research Fellow at the Danish Finance Institute and has collaborated internationally, including at the Institute of Economics, Academia Sinica, Taipei.
Arna Olafsson is an Associate Professor of Finance at the Department of Finance, Copenhagen Business School (CBS). He is affiliated with the Danish Finance Institute, CEPR, the Center for Big Data in Finance (BIGFI), and the Pension Research Centre (PeRCent). He holds a PhD from the Stockholm School of Economics (2014). His research focuses on Household Finance, Behavioral Finance, and Labor Economics, emphasizing how individuals and households use financial tools and technology to manage their finances. He has received significant grants, including an ERC Starting Grant (2025) for studying gender dynamics in finance and a SNF grant for analyzing green household finance using high-frequency data. His work often integrates bank data with field experiments, collaborating with financial institutions. Recent publications address topics like selective attention to finances, retirement consumption patterns, and fintech's impact on decision-making. Key achievements include a 2024 Journal of Public Economics paper on retirement-consumption puzzles and a 2024 Review of Financial Studies article resolving the co-holding puzzle. He serves on Iceland's Fiscal Policy Council, evaluating government fiscal policies. Olafsson’s research bridges theory and practice, with projects like 'Green Household Finance' and collaborations with the Think Forward Initiative.
Christian Riis Flor is a Professor and Head of the Research Unit in Finance at the Department of Business & Management, Faculty of Social Sciences, University of Southern Denmark (SDU). He holds a Ph.D. and an M.Sc. in Mathematics-Economics and is actively engaged in research, teaching, and academic service. Department: Department of Business & Management (DBM) Research Unit: Finance (FIN) Email: crf@sam.sdu.dk ORCID: https://orcid.org/0000-0002-5537-1576 Education: M.Sc. in Mathematics-Economics Ph.D. Research Interests: Christian Riis Flor specializes in corporate finance, with a primary focus on dynamic corporate finance, capital structure, valuation under asymmetric information, real options analysis, and private equity. His work explores how firms make investment, financing, and dividend decisions under uncertainty and information asymmetry. Secondary interests include asset allocation and compensation models (P/A-models). He integrates theoretical modeling with empirical implications, particularly in the context of sustainable finance and incentive design. Recent Research Trends: His most recent publications (2021–2025) center on private equity, capital structure choices (callable vs. convertible debt), real options under imprecise learning, and exit strategies under market fluctuations. These works reflect a consistent theme of decision-making under uncertainty, with applications in both public and private firms. Keywords across these articles include corporate finance, private equity, real options, asymmetric information, and valuation, indicating a cohesive and impactful research trajectory. Scientific Awards: Best paper award: Portuguese Finance Network 4th Finance Conference (2006) Identifying the role of private equity firms in creating value (2016) The Firm's Life Cycle -- Investment and Financing Decisions (2019) Outstanding Reviewer Award 2021, Managerial Finance (2021) Special Teaching Award for Research Based Learning (2021) Supervision and Grants: Flor has supervised academic work and taught courses such as Dynamic Corporate Finance, Derivatives and Risk Management, and Real Options. He has led two major research projects: 'Identifying the role of private equity firms in creating value' (2016–2021) and 'The Firm's Life Cycle -- Investment and Financing Decisions' (2019–2020), both as Principal Investigator. These projects explored value creation in private equity and life-cycle financing strategies, respectively, and were funded within the university research framework. Labs and Research Teams: He is a key member of the Finance (FIN) research unit within the Department of Business & Management at SDU, contributing to a collaborative network focused on corporate finance, private equity, and dynamic information problems. He actively participates in research networks, peer review, and academic conferences, enhancing the unit's visibility and impact.
Mark Ørberg is an Assistant Professor at Copenhagen Business School, affiliated with the CBS LAW School and the Department of Business Humanities and Law. His research focuses on legal frameworks governing philanthropy, nonprofit governance, and ESG compliance, with particular attention to sustainable development goals. He collaborates internationally on projects analyzing corporate governance, foundation taxation, and the economic drivers behind nonprofit ownership structures. Recent work includes studies on ESG limitations in nonprofit control assessment, Danish legal environments for philanthropy, and long-termism in philanthropic enterprise foundations. His publications span peer-reviewed articles, policy reports, and media commentary on tax reforms affecting foundations and public policy debates around wealth redistribution. Key contributions include the 2024 Denmark: Legal Environment for Philanthropy in Europe report, co-authored with Troels Michael Lilja and Søren Friis Hansen, which examines fiscal policies and regulatory landscapes for philanthropy. Ørberg has also engaged with media outlets like Fundats.dk to discuss tax implications for major American foundations and the ethical dimensions of foundation governance. His advisory work includes supervising three research projects (details unspecified) and contributing to legal education through publications like Kompendium i forvaltningsret . Ørberg’s research integrates legal analysis with socio-economic policy, emphasizing the intersection of institutional frameworks and philanthropic impact.
Henrik Ramlau-Hansen is an Associate Professor in the Department of Finance at Copenhagen Business School (CBS). His research focuses on pension systems, investment policies, and financial economics, with a particular emphasis on optimizing public and private pension frameworks in Denmark. He has contributed to influential analyses of ATP (Danish Pensions), addressing challenges like asset allocation, savings models, and demographic impacts on retirement income. He has held board roles at the Danish Financial Supervisory Authority (FSA) and NOW: Pensions Ltd until 2018, and has engaged in consultancy for pension companies (2021-2022). His teaching includes executive education programs at CBS. Key research themes include pension reform viability, investment return expectations, and policy adjustments to ensure sustainable retirement savings systems. His publications emphasize practical policy recommendations, such as optimizing ATP models, evaluating savings behaviors, and addressing governance gaps in pension systems. He collaborates with institutions like the Pension Research Center, contributing to both academic and applied financial research.
Thomas Plenborg is a Professor at the Department of Accounting, Copenhagen Business School (CBS). His research focuses on financial statement analysis, credit analysis, incentive contracts, firm valuation, financial reporting, and risk analysis. He employs diverse research methodologies and collaborates closely with industry partners. Primary Research Areas Financial Statement Analysis Financial Reporting Valuation Risk Analysis Executive Compensation His recent publications examine topics like compensation shifting from salary to dividends, employee flows accounting, and managerial risk perception. He has received multiple teaching awards and serves on the boards of several organizations including Everyday Luxury Feeling A/S (Chairman), Cowi Holding A/S (Board Member), and Saxo Bank A/S (Former Board Member). Outside his academic role, he contributes to executive education at CBS and participates in research projects such as the Nordic Accounting Conference 2012 and Key Figure Analysis.
