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. The CEFS is part of TUM School of Management at the Technical University of Munich (TUM), which was founded in 2002 and consists of over 30 professors in the fields of economics, business administration and social sciences. 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, London Business School, and Saïd Business School (Oxford).
