cmfi
Department of Finance
![](https://www.cbs.dk/files/cbs.dk/styles/medium/public/claus_munk_6344.jpg?itok=hquymaZL)
Most of my recent research focuses on developing models for the investment and consumption decisions of individuals and households of the life cycle. These models are extending traditional models by taking into account the housing decisions and the labor income flow of the households in order to establish a more realistic framework for understanding real-life household decisions and for improving the professional investment advice to households. Various aspects of these models still need to be explored and I am involved in several research projects doing so. My other research interests are in general asset pricing theory, the pricing of fixed-income securities, numerical methods in finance, and management compensation.
- Investment and consumption decisions of individuals and households
- Asset allocation
- Asset pricing theory
- Investments (MSc FIN)
- Financial Market Theory (MSc FSM)
Theoretical Asset Pricing (Graduate School of Finance, Finland)
- Munk, C. (2013). Financial Asset Pricing Theory. Oxford University Press.
- Bick, B., Kraft, H., & Munk, C. (2013). Solving Constrained Consumption-Investment Problems by Simulation of Artificial Market Strategies. Management Science, 37(5), 1397-1411.
- Christensen, P.O., Larsen, K., & Munk, C. (2012). Equilibrium in Securities Markets with Heterogeneous Agents and Unspanned Income Risk. Journal of Economic Theory, 147(3), 1035-1063.
- Kraft, H., & Munk, C. (2011). Optimal Housing, Consumption, and Investment Decisions over the Life-Cycle. Management Science, 57(6), 1025-1041.
- Munk, C. (2011). Fixed Income Modelling. Oxford University Press.
- Munk, C., & Sørensen, C. (2010). Dynamic Asset Allocation with Stochastic Income and Interest Rates. Journal of Financial Economics, 96(3), 433-462.
In: Management Science, Vol. 70, No. 3, 3.2024, p. 1970-1991
In: Journal of Financial and Quantitative Analysis, Vol. 58, No. 8, 12.2023, p. 3420-3449
In: Journal of Banking & Finance, Vol. 138, 5.2022
In: The Danish Pension System: Design, Performance, and Challenges. . ed. /Torben M. Andersen; Svend E. Hougaard Jensen; Jesper Rangvid. Oxford : Oxford University Press 2022, p. 78-117
In: Scandinavian Actuarial Journal, No. 4, 5.2022, p. 307-327
In: Journal of Banking & Finance, Vol. 116, 7.2020
Paper presented at Midwest Finance Association 2019 Annual Meeting , 2019
In: Journal of Economic Dynamics and Control, Vol. 107, 10.2019
In: Journal of Banking & Finance, Vol. 100, 3.2019, p. 1-27
Paper presented at 25th Annual Meeting of the German Finance Association. DGF 2018, 2018
In: Review of Finance, Vol. 22, No. 5, 8.2018, p. 1737-1762
In: Finans/Invest, No. 6, 12.2018, p. 6-14
In: Economic Theory, Vol. 64, No. 2, 8.2017, p. 305–330
Tilburg : Netspar 2016, 59 p. (Netspar Discussion Paper, No. 01/2016-010) (SAFE Working Paper, No. 139)
Frankfurt am Main : Johann Wolfgang Goethe-Universität 2015, 60 p. (SAFE Working Paper, No. 85)
Frankfurt am Main : Johann Wolfgang Goethe-Universität 2014, 46 p. (SAFE Working Paper, No. 53)
In: Journal of Accounting Research, Vol. 52, No. 3, 2014, p. 703-732
In: Annals of Finance, Vol. 10, No. 3, 2014, p. 419-455
In: Journal of Economic Dynamics and Control, Vol. 37, No. 11, 11.2013, p. 2217-2240
Frankfurt am Main : Johann Wolfgang Goethe-Universität 2013, 33 p. (SAFE Working Paper, No. 15)
Oxford : Oxford University Press 2013, 600 p.
In: Journal of Banking & Finance, Vol. 37, No. 5, 5.2013, p. 1397-1411
In: Management Science, Vol. 59, No. 2, 2013, p. 485-503
In: Journal of Economic Theory, Vol. 147, No. 3, 2012, p. 1035-1063
Aarhus : Aarhus Universitetsforlag 2012, 34 p. (Thiele Research Reports, No. 06)
In: Journal of Financial Economics, Vol. 96, No. 3, 2010, p. 433-462
: SSRN: Social Science Research Network 2009, 35 p.
In: Stochastic Economic Dynamics. ed. /Bjarne S. Jensen; Tapio Palokangas. Frederiksberg : Copenhagen Business School Press 2007, p. 271-316
Paper presented at 33rd Annual Meeting of the European Finance Association (EFA 2006), 2005
In: International Review of Economics & Finance, Vol. 13, No. 2, 2004, p. 141-166
In: Journal of Banking & Finance, Vol. 28, No. 8, 2004, p. 1987-2013
Paper presented at European Financial Management Association 2002 Annual Meetings, 2002
Frederiksberg : Institut for Finansiering, Copenhagen Business School 2001, 21 p. (Working Papers / Department of Finance. Copenhagen Business School, No. 2001-6)
In: Finans - Invest, No. 7, 2001, p. 10-16
Frederiksberg : Institut for Finansiering, Copenhagen Business School 2000, 40 p. (Working Papers / Department of Finance. Copenhagen Business School, No. 2000-9)
Odense : Syddansk Universitet 1999, 20 p.
In: Det danske pensionssystem: Sejre og udfordringer. En kronikserie . Frederiksberg : PeRCent, Copenhagen Business School 2023, p. 9-11
In: Børsen, 17.11.2022, p. 38-39
København : Rig på viden 2021
Frederiksberg : PeRCent, Copenhagen Business School 15.8.2019
Serieiværksætter kræver sine investeringer ti gange igen
Boligejere med udskældte lån sparer mere fornuftigt op
Nye regnemetoder mindsker danskernes pension
Professor: Alarmklokker burde have ringet hos investorerne
Mens alle taler pensionsalder: Er det i virkeligheden en dårlig forretning at spare op?
Fare for at overvurdere sine egne evner
Ram plet med din aktiespredning
Bedste danske nationaløkonomer 2015
- Course teacher and organizer, Doctoral School of Finance, Finland, every year since 2005
- Occasional consulting for Forsikring & Pension (Insurance & Pension Denmark) and Rådet for Afkastforventninger (Council for Return Expectations), since 2017