Center for Financial Frictions

The Center for Financial Frictions (FRIC) was a Center of Excellence funded by the Danish National Research Foundation.

FRIC began operating on April 1, 2012, and expired on September 30, 2022. 

Here are some ways in which the funding has helped FRIC make a difference:

• FRIC members have been co-authors of (at least) 52 publications in the top three finance journals: Journal of Finance, Journal of Financial Economics and Review of Financial Studies. In terms of per capita output, this is comparable to the best universities in the world 
• Several of our papers are now standard references in the area they study. Their models and findings have already or are in the process of migrating into textbooks, and they inform decision-makers in banks and central banks, asset management, regulation, and policy
• We have organized 9 FRIC Conferences which brought dozens of the world’s most prominent financial economists, including two Nobel laureates, to Copenhagen
• We have organized 10 Top Finance Graduate Awards at which 5-6 of the best PhD candidates from the international academic job market presented their job market paper at CBS
• We have trained 23 PhD students, and placed PhD candidates at leading research institutions, including the University of Chicago and the Federal Reserve Board, and leading European business schools
• 18 of the research assistants hired by FRIC throughout the years went on to continue with research as PhD students at CBS or at other universities
• FRIC has boosted our ability to provide researchers with access to data
• FRIC faculty members and PhD students have taught a very large number of courses and supervised numerous master’s theses at CBS
• The Center Coordinator position, an essential part of our funding, has made it possible to bring in extremely competent administrators, who have been instrumental for FRIC’s success, and has helped lift the administrative support at the Department of Finance to a new level