Funding

The foundations' funding mandate is geared towards promoting science in research and teaching in the fields of capital market law, capital markets and corporate finance. In addition, the foundations would like to contribute to deepening the dialogue between academia and practice on issues of banking and capital market financing in Germany and Europe through the joint foundation project Capital Markets Union. As a general rule, an application for one of the funding opportunities listed below does not constitute an entitlement to funding. Funding decisions are exclusively at the discretion of the Executive Board of the foundation concerned, and applications can be approved or denied. The foundations and the joint foundation project Capital Markets Union currently support the funding measures described below.

Only applicants who are enrolled at a state or state-recognised German university are currently eligible for funding. The right to nominate scholarship holders also lies exclusively with professors at German universities. The linked documents on the funding measures are therefore available only in German.

Promotion Award

Each of the three foundations awards the foundations' promotional prize of EUR 10,000 on an annual basis. The prize is awarded for outstanding, practice-oriented research on issues of the capital market and supervisory law or on issues of corporate finance and capital markets, preferably with reference to the securitisation market and the Capital Markets Union. In addition to monographs, cumulative dissertations or post-doctoral theses as well as other academic works are eligible.
The complete application documents for each foundation can be found in the download area below.

Publication and Printing Subsidy

Each of the three foundations awards an annual publication and printing subsidy of up to EUR 5,000. The grant is awarded for the first publication of outstanding, practice-oriented work on issues of the capital market and supervisory law or on the topics of corporate finance and capital markets, preferably with reference to the securitisation market and the Capital Markets Union.
The complete application documents for each foundation can be found in the download area below.

Download area

Tables of foundation activities

Stiftung Kapitalmarktforschung (Foundation for Capital Market Research)

Stiftung Kapitalmarktrecht (Foundation for Capital Market Law)

Stiftung Unternehmensfinanzierung und Kapitalmärkte (Foundation for Corporate Finance and Capital Markets)

for Germany as a Financial Centre

Events – in German only

EDW – access for academic research

European DataWarehouse (EDW) has functioned as Europe’s first securitisation repository since 2012, collecting detailed loan-level data from issuers on all securitised exposures. Since 2019, EDW also performs this function under the Securitisation Regulation (EU) 2017/2402 and is supervised by the European Securities and Markets Authority (ESMA) and the UK’s Financial Conduct Authority (FCA).

Currently, EDW has stored information on more than 100 million loans. Access to this data is subject to a fee, with a sliding scale of fees depending on the type of use. Universities, academics and other research institutes have the possibility of having these costs covered by the Capital Markets Union Foundation Project within the framework of research projects.

Please address a corresponding informal application with a brief description of the research project, time schedule and contact details to the agent:

True Sale International GmbH

„Institution-based Funding“

1. Introduction

The foundations

Stiftung Kapitalmarktforschung Stiftung Kapitalmarktrecht Stiftung Unternehmensfinanzierung und Kapitalmärkte

have so far promoted science in the fields of capital markets law, capital market research, and corporate finance through sponsorship awards, publication and printing grants, and by commissioning expert opinions on selected topics in these areas. An intensification of funding is to take place in the coming years through longer-term support for academic institutions in order to enable more extensive research projects in the aforementioned fields.

The target group for funding comprises economic and legal institutions at research universities, higher education institutions, and non-university research organizations with the capacity to support early-career researchers. Funding for collaborations between institutions is also possible. Funding amounts to a maximum of EUR 150,000 p.a. for a term of up to five years and can cover personnel and/or material costs. An extension of the funding period is possible.

Research projects and programs to be funded should adequately address the interdisciplinary nature between the fields of capital markets law, capital market research, and corporate finance.

2. Objectives

Financial markets play a prominent role in price discovery, resource allocation, and risk distribution in an economy. Developing a good understanding of financial markets as well as formulating proposals for the further development of these markets (e.g., in the context of the European Capital Markets Union or the Savings and Investments Union) can thus make valuable contributions to economic development.

The objective of the funding provided by the three foundations is to support promising research projects and programs that contribute to a better understanding of the functioning of financial markets and/or formulate proposals for a better functioning of financial markets. The call for proposals is aimed at academic institutions in Germany; research results should ideally make research activities in Germany more visible internationally as well. The call for proposals is aimed at academic institutions in Germany; research results should ideally make research activities in Germany more visible internationally as well.

3. Funding Scope

This call for proposals is aimed at academic chairs, working groups, and similar entities that wish to expand their research in financial economics or capital markets law over an extended period. Funds are awarded exclusively in addition to the basic funding and facilities to be guaranteed by the university, higher education institution, or other research institution. They must not be used to cover gaps in core funding. The offer is flexible and enables the financing of:

Personnel costs,
Material costs,
Stays abroad,
Conferences, symposia, etc.

Further measures are also conceivable. In any case, the application must outline and justify which funds are required for which purposes. Personnel funds can be requested for academic staff at all levels.

4. Application and Selection Process

The selection of projects to be funded takes place in two stages. The following documents must be submitted by the first deadline (January 15, 2027):

Outline of the project for which funding is requested (max. three pages),
Curricula vitae of the persons who will bear scientific responsibility for the project (insofar as these persons have already been determined).

The documents will be evaluated by the Executive Boards of the funding foundations (if necessary, supported by external expertise). By February 15, 2027 at the latest, applicants will receive either an invitation to submit a full application or a rejection. Rejections will not be justified at this stage of the process.

Applicants invited to submit a detailed concept in the second stage are requested to submit a full application by April 30, 2027. In this phase, key questions regarding the objectives and implementation of the project should be answered.

In particular, the following are required:

Detailed description of the project,
Budget / cost plan,
Staffing concept,
Statement(s) from the host institution(s).

The statement must set out the framework conditions and how the concept fits into the institution's overall strategy for research and teaching. The provision of the necessary basic equipment as well as appropriate own contributions, depending on the specific design of the project, are expected. Where teaching replacements are requested, the university must guarantee in its statement that the applicant will be (partially) released for the duration of the replacement in the event of approval.

Timeline

September 30, 2026: Publication of the call for proposals
January 15, 2027: Deadline for submitting outlines of the project to be funded
February 15, 2027: Invitation to submit full applications
April 30, 2027: Deadline for submitting full applications
June 2027: Presentation and discussion of the requested project
By September 1, 2027: Decision and earliest start of the project

The evaluation of submitted applications is based, among other things, on the following criteria:

Scientific excellence of the applying institution,
Degree of innovation of the concept, also with regard to previous research focus,
Feasibility/viability of the concept,
Significance of the concept for the respective scientific field,
Alignment of the concept with the institution's overall strategy for research and teaching.

The funding foundations reserve the right to provide suggestions for the revision of submitted applications.

5. Contact

Please send all application documents to the managing entity of the foundations:

Herr Jan-Peter Hülbert:
jan-peter.huelbert@tsi-gmbh.de

Herr Peter Grijsen:
peter.grijsen@tsi-gmbh.de

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