# “Financial Markets and Frictions” Successfully Enters Second DFG Funding Period (FOR 5230)
**Source**: https://www.wiwi.uni-frankfurt.de/en/faculty/media-and-news/newsticker/article/financial-markets-and-frictions-successfully-enters-second-dfg-funding-period-for-5230
**Parent**: https://www.wiwi.uni-frankfurt.de/en/start
### Faculty
- [About us](https://www.wiwi.uni-frankfurt.de/en/faculty/about-us/at-a-glance "About us")
- [At a Glance](https://www.wiwi.uni-frankfurt.de/en/faculty/about-us/at-a-glance "At a Glance")
- [Values & Objectives](https://www.wiwi.uni-frankfurt.de/en/faculty/about-us/values-objectives "Values & Objectives")
- [Honors](https://www.wiwi.uni-frankfurt.de/en/faculty/about-us/honors "Honors")
- [Awards](https://www.wiwi.uni-frankfurt.de/en/faculty/about-us/honors/awards "Awards")
- [Rankings](https://www.wiwi.uni-frankfurt.de/en/faculty/about-us/honors/rankings "Rankings")
- [Honorary Doctorate](https://www.wiwi.uni-frankfurt.de/en/faculty/about-us/honors/honorary-doctorate "Honorary Doctorate")
- [Faculty Medal](https://www.wiwi.uni-frankfurt.de/en/faculty/about-us/honors/faculty-medal "Faculty Medal")
- [Gender Equality & Diversity](https://www.wiwi.uni-frankfurt.de/fachbereich/ueber-uns/gleichstellung-diversitaet "Gender Equality & Diversity")
- [Equal Opportunities Council](https://www.wiwi.uni-frankfurt.de/fachbereich/ueber-uns/gleichstellung-diversitaet/gleichstellungsrat "Equal Opportunities Council")
- [Gender Equality Offers](https://www.wiwi.uni-frankfurt.de/fachbereich/ueber-uns/gleichstellung-diversitaet/angebote-gleichstellung "Gender Equality Offers")
- [Family Offers](https://www.wiwi.uni-frankfurt.de/fachbereich/ueber-uns/gleichstellung-diversitaet/angebote-familie "Family Offers")
- [Sexual Identity Offers](https://www.wiwi.uni-frankfurt.de/fachbereich/ueber-uns/gleichstellung-diversitaet/angebote-sexuelle-identitaet "Sexual Identity Offers")
- [Inclusive University Offers](https://www.wiwi.uni-frankfurt.de/fachbereich/ueber-uns/gleichstellung-diversitaet/angebote-inklusive-hochschule "Inclusive University Offers")
- [International Offers](https://www.wiwi.uni-frankfurt.de/fachbereich/ueber-uns/gleichstellung-diversitaet/angebote-international "International Offers")
- [Advertisements and Recruitment](https://www.wiwi.uni-frankfurt.de/fachbereich/ueber-uns/gleichstellung-diversitaet/ausschreibungen-und-einstellungen "Advertisements and Recruitment")
- [Networks](https://www.wiwi.uni-frankfurt.de/en/faculty/about-us/networks "Networks")
- [Dean's Office](https://www.wiwi.uni-frankfurt.de/en/faculty/deans-office/organization "Dean's Office")
- [Organization](https://www.wiwi.uni-frankfurt.de/en/faculty/deans-office/organization "Organization")
- [Deans](https://www.wiwi.uni-frankfurt.de/en/faculty/deans-office/deans "Deans")
- [Managing Director](https://www.wiwi.uni-frankfurt.de/en/faculty/deans-office/managing-director "Managing Director")
- [Operational Divisions](https://www.wiwi.uni-frankfurt.de/en/faculty/deans-office/operational-divisions "Operational Divisions")
- [International Office](https://www.wiwi.uni-frankfurt.de/en/faculty/deans-office/operational-divisions/international-office "International Office")
- [Controlling - Finance and Human Resources](https://www.wiwi.uni-frankfurt.de/en/faculty/deans-office/operational-divisions/controlling-finance-and-human-resources "Controlling - Finance and Human Resources")
- [Communication and Marketing](https://www.wiwi.uni-frankfurt.de/en/faculty/deans-office/operational-divisions/communication-and-marketing "Communication and Marketing")
- [Examination Office](https://www.wiwi.uni-frankfurt.de/en/faculty/deans-office/operational-divisions/examination-office "Examination Office")
- [Quality Management and Accreditation](https://www.wiwi.uni-frankfurt.de/en/faculty/deans-office/operational-divisions/quality-management-and-accreditation "Quality Management and Accreditation")
- [Study and Examination Law](https://www.wiwi.uni-frankfurt.de/en/faculty/deans-office/operational-divisions/study-and-examination-law "Study and Examination Law")
- [Student Services](https://www.wiwi.uni-frankfurt.de/en/faculty/deans-office/operational-divisions/student-services "Student Services")
- [Business Languages](https://www.wiwi.uni-frankfurt.de/en/faculty/deans-office/operational-divisions/business-languages "Business Languages")
- [Committees](https://www.wiwi.uni-frankfurt.de/en/faculty/deans-office/committees "Committees")
- [Professorships](https://www.wiwi.uni-frankfurt.de/en/faculty/professorships/full-professors "Professorships")
- [Full Professors](https://www.wiwi.uni-frankfurt.de/en/faculty/professorships/full-professors "Full Professors")
- [Endowed Chairs](https://www.wiwi.uni-frankfurt.de/en/faculty/professorships/endowed-chairs "Endowed Chairs")
- [Honorary Professors](https://www.wiwi.uni-frankfurt.de/en/faculty/professorships/honorary-professors "Honorary Professors")
- [Emeriti & Retired Professors](https://www.wiwi.uni-frankfurt.de/en/faculty/professorships/emeriti-retired-professors "Emeriti & Retired Professors")
- [Departments](https://www.wiwi.uni-frankfurt.de/en/faculty/departments "Departments")
- [Finance](https://www.wiwi.uni-frankfurt.de/en/departments/finance/home.html "Finance")
- [Money and Macroeconomics](https://www.wiwi.uni-frankfurt.de/en/departments/money-and-macroeconomics/home.html "Money and Macroeconomics")
- [Management and Microeconomics](https://www.wiwi.uni-frankfurt.de/en/departments/mm/welcome.html "Management and Microeconomics")
- [Marketing](https://www.marketing.uni-frankfurt.de/en/welcome.html "Marketing")
- [Accounting](https://www.accounting.uni-frankfurt.de/en/home.html "Accounting")
- [Business Informatics and Information Economics](https://www.wiwi.uni-frankfurt.de/en/departments/business-informatics/home.html "Business Informatics and Information Economics")
- [Business Education](https://www.wiwi.uni-frankfurt.de/abteilungen/wipaed/home.html "Business Education")
- [Economic Policy and Quantitative Methods](https://www.wiwi.uni-frankfurt.de/en/departments/eq/department-eq.html "Economic Policy and Quantitative Methods")
- [Quality Assurance](https://www.wiwi.uni-frankfurt.de/en/faculty/quality-assurance/accreditations "Quality Assurance")
- [Accreditations](https://www.wiwi.uni-frankfurt.de/en/faculty/quality-assurance/accreditations "Accreditations")
- [AACSB](https://www.wiwi.uni-frankfurt.de/en/faculty/quality-assurance/accreditations/aacsb "AACSB")
- [ACQUIN](https://www.wiwi.uni-frankfurt.de/en/faculty/quality-assurance/accreditations/acquin "ACQUIN")
- [PRME](https://www.wiwi.uni-frankfurt.de/en/faculty/quality-assurance/accreditations/prme "PRME")
- [Evaluations and Surveys](https://www.wiwi.uni-frankfurt.de/en/faculty/quality-assurance/evaluations-and-surveys "Evaluations and Surveys")
- [Evaluation of Teaching](https://www.wiwi.uni-frankfurt.de/en/faculty/quality-assurance/evaluations-and-surveys/evaluation-of-teaching "Evaluation of Teaching")
- [Media and News](https://www.wiwi.uni-frankfurt.de/en/faculty/media-and-news/videos "Media and News")
- [Videos](https://www.wiwi.uni-frankfurt.de/en/faculty/media-and-news/videos "Videos")
- [Newsticker](https://www.wiwi.uni-frankfurt.de/en/faculty/media-and-news/newsticker "Newsticker")
- [Dies academicus](https://www.wiwi.uni-frankfurt.de/fachbereich/medien-und-aktuelles/dies-academicus "Dies academicus")
- [WiWi-Party ReConnect](https://www.wiwi.uni-frankfurt.de/en/faculty/media-and-news/wiwi-party-reconnect "WiWi-Party ReConnect")
- [IT Service Center](https://www.wiwi.uni-frankfurt.de/en/faculty/it-service-center "IT Service Center")
- [Contact](https://www.wiwi.uni-frankfurt.de/en/faculty/contact "Contact")
- [Legal Notice](https://www.wiwi.uni-frankfurt.de/fachbereich/impressum "Legal Notice")
- [Data Protection](https://www.wiwi.uni-frankfurt.de/en/faculty/data-protection "Data Protection")
- [Accessibility](https://www.wiwi.uni-frankfurt.de/fachbereich/barrierefreiheit "Accessibility")
02/02/26 | Research
# “Financial Markets and Frictions” Successfully Enters Second DFG Funding Period (FOR 5230)
The **German Research Foundation (DFG)** has approved the research group **FOR 5230 Financial Markets and Frictions – An Intermediary-Based Asset Pricing Approach** for a **second funding period through 2029** following a successful evaluation. As a result, the transregional collaborative project, which has been making key contributions to modern financial market research since 2022, will receive funding for an additional four years with a total volume of approximately €4 million. Of this amount, €1.35 million will be allocated to participants at Goethe University Frankfurt.
The research group brings together leading financial market researchers from Karlsruhe, Frankfurt, Hanover, Münster, Stuttgart, Tübingen, and Vienna and examines price formation in financial markets from the perspective of financial intermediaries. The central focus is on how frictions, incentive structures, and constraints faced by intermediary actors—such as banks, funds, or insurance companies—affect asset prices, risks, and monetary policy transmission mechanisms.
**Department 02 Economics** at **Goethe University Frankfurt** represents an integral part of this success, contributing **three project leaders as well as the deputy spokesperson of the research group**:
The teams led by Professors **Christian Schlag (Deputy Spokesperson)**, **Holger Kraft**, **Maik Schmeling**, **and Rüdiger Weber** investigate complementary research questions within FOR 5230 concerning the role of financial intermediaries in the transmission of monetary policy impulses, the emergence of asset price movements, and the transfer of risk in financial markets. Through empirical and theoretical work, they contribute to **systematically extending** **classical asset pricing approaches to incorporate intermediaries**, thereby developing a more realistic understanding of modern financial markets.
**About the Research Group FOR 5230**\
The research group FOR 5230 was established in 2022 to more firmly anchor the role of financial intermediaries in asset pricing research. It is funded by the German Research Foundation (DFG) and is one of the central collaborative research initiatives in the field of financial market research.
Further information: [Link](https://www.intermediaryassetpricing.de/english/index.php)\
Photo: Markus Breig
**CONTACT**\
Goethe University\
Faculty of Economics and Business
Visitor address:\
Campus Westend\
Theodor-W.-Adorno-Platz 4\
60323 Frankfurt am Main
Postal address:\
60629 Frankfurt am Main
Student inquiries:\
[studium@wiwi.uni-frankfurt.de](mailto:studium@wiwi.uni-frankfurt.de)
General inquiries:\
[dekanat02@wiwi.uni-frankfurt.de](mailto:dekanat02@wiwi.uni-frankfurt.de)
© 2004-2026 Goethe University Frankfurt
[**FACULTY**](https://www.wiwi.uni-frankfurt.de/en/faculty/about-us/at-a-glance)\
[At a glance](https://www.wiwi.uni-frankfurt.de/en/faculty/about-us/at-a-glance)\
[Values & Objectives](https://www.wiwi.uni-frankfurt.de/en/faculty/about-us/values-objectives)\
[Dean's Office](https://www.wiwi.uni-frankfurt.de/en/faculty/deans-office/organization)\
[Honors](https://www.wiwi.uni-frankfurt.de/en/faculty/about-us/honors)\
[Accreditations](https://www.wiwi.uni-frankfurt.de/en/faculty/quality-assurance/accreditations)
[**DEPARTMENTS**](https://www.wiwi.uni-frankfurt.de/en/faculty/departments)\
[Accounting & Sustainability Reporting](https://www.wiwi.uni-frankfurt.de/en/departments-new/accounting-sustainability-reporting/start)\
[Finance](https://www.wiwi.uni-frankfurt.de/en/departments/finance/home.html)\
[Money and Macroeconomics](https://www.wiwi.uni-frankfurt.de/en/departments/money-and-macroeconomics/home.html)\
[Management and Microeconomics](https://www.wiwi.uni-frankfurt.de/en/departments/mm/welcome.html)\
[Marketing](https://www.marketing.uni-frankfurt.de/en/welcome.html)\
[Business Informatics and Information Economics](https://www.wiwi.uni-frankfurt.de/en/departments/business-informatics/home.html)\
[Business Education](https://www.wiwi.uni-frankfurt.de/abteilungen/wipaed/home.html)\
[Economic Policy and Quantitative Methods](https://www.wiwi.uni-frankfurt.de/en/departments/eq/department-eq.html)
[**STUDY**](https://www.wiwi.uni-frankfurt.de/en/study)\
[Bachelor](https://www.wiwi.uni-frankfurt.de/en/study/study-programs/bachelor)\
[Master](https://www.wiwi.uni-frankfurt.de/studium/studienprogramme/master)\
[Exam Organization](https://www.wiwi.uni-frankfurt.de/en/study/exam-organization/deadlines-registrations)\
[Advisory Services](https://www.wiwi.uni-frankfurt.de/en/study/advisory-services/student-counseling)
[**RESEARCH**](https://www.wiwi.uni-frankfurt.de/en/research)\
[Research Profile](https://www.wiwi.uni-frankfurt.de/en/research/objectives-and-mission-statement/research-profile)\
[Career Entry & Prospects](https://www.wiwi.uni-frankfurt.de/en/research/careers-in-research/career-entry-prospects)\
[Research Support](https://www.wiwi.uni-frankfurt.de/forschung/karriere-in-der-wissenschaft/forschungsfoerderung)\
[Institutes & Clusters](https://www.wiwi.uni-frankfurt.de/en/research/institutions-and-facilities/institutes-clusters)\
[Full Professors](https://www.wiwi.uni-frankfurt.de/en/faculty/professorships/full-professors)\
[Publications](https://www.wiwi.uni-frankfurt.de/en/research/research-contribution/publications)
[**INTERNATIONAL**](https://www.wiwi.uni-frankfurt.de/en/international)\
[Business Languages](https://www.wiwi.uni-frankfurt.de/en/international/business-languages/courses-for-all-students)\
[Exchange Programs](https://www.wiwi.uni-frankfurt.de/en/international/studying-abroad/exchange-programs)\
[Partner Universities](https://www.wiwi.uni-frankfurt.de/en/international/studying-abroad/partner-universities)
**MORE INFORMATION**\
[IT Service Center (ITSec)](https://www.wiwi.uni-frankfurt.de/en/faculty/it-service-center)\
[Contact and Directions](https://www.wiwi.uni-frankfurt.de/en/faculty/contact)\
[Legal Notice](https://www.wiwi.uni-frankfurt.de/fachbereich/impressum)\
[Data Protection](https://www.wiwi.uni-frankfurt.de/en/faculty/data-protection)\
[Accessibility](https://www.wiwi.uni-frankfurt.de/fachbereich/barrierefreiheit)
**MORE INFORMATION**\
[IT Service Center (ITSec)](https://www.wiwi.uni-frankfurt.de/en/faculty/it-service-center)\
[Contact and Directions](https://www.wiwi.uni-frankfurt.de/en/faculty/contact)\
[Legal Notice](https://www.wiwi.uni-frankfurt.de/fachbereich/impressum)\
[Data Protection](https://www.wiwi.uni-frankfurt.de/en/faculty/data-protection)\
[Accessibility](https://www.wiwi.uni-frankfurt.de/fachbereich/barrierefreiheit)