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Women's power in research: New DFG project sheds light on financial markets
New DFG research group at Ulm University is investigating regulatory uncertainty and investment decisions with a budget of 3.2 million euros.
Women's power in research: New DFG project sheds light on financial markets
On July 31, 2025, the German Research Foundation (DFG) approved a new research group that will focus intensively on the challenges of regulatory uncertainty and its impact on asset valuation and investment decisions. The group is entitled “Asset Allocation and Asset Pricing in Regulated Markets and Institutions” and is led by Professor An Chen from Ulm University. Her team is made up of seven professionals who are all women.
With a total budget of around 3.2 million euros, the group will carry out extensive investigations over the next four years. The aim is to analyze the influences of economic policy regulations on investment decisions. Regulatory uncertainty is viewed as a key factor here, which includes uncertainty about the timing and scope of planned regulatory measures such as customs duties and taxes.
Research focus and methods
The research group plans to implement five sub-projects in which it will examine various areas such as the financial market, the insurance industry, trade and climate policy, including CO2 tax and emissions trading. Another field of research is the tax system.
A key concern is understanding the impact of regulatory unpredictability on the valuation of assets such as stocks and bonds and on their attractiveness to investors. For this purpose, an interdisciplinary approach is used that combines theoretical-mathematical modeling with empirical-statistical measurements.
Scientific methods such as stochastic optimization and statistical learning are used. The use of unstructured data will also be part of the research. The team brings a wide range of expertise from the fields of economics, mathematics, finance, insurance, actuarial science and econometrics.
Importance of the DFG research group
DFG research groups are considered an award for scientific quality and originality. The combination of a top-class team and a relevant research topic promises valuable insights for the economics community and beyond.
In this context, Professor Kaserer's contributions are also important. He has written numerous reports on financial market topics, including regulatory issues and the analysis of market developments. Professor Kaserer has many years of research and teaching in this area and is frequently invited to hearings at public institutions, including the German Bundestag. He has also been one of the Economic Advisors of the European Securities and Markets Authority (ESMA) since 2016.
His work includes important reference projects, such as the study on IPOs for start-ups in Germany, which was carried out in collaboration with Oxera in 2021. He has also prepared reports that deal with the effects of regulations on corporate financing.
The results of the new research group are expected to provide valuable input for practice and science and thus make an important contribution to the discussion about the challenges of regulatory uncertainty. Further information about the group and its activities can be found on the websites of universities and research institutions, such as Ulm, idw online and finanzmarktforschung.eu can be found.