Jutta Kurth Capital Fund Management (CFM) Researcher
Columbia Mathematics of Finance (MAFN) & Department of Statistics 2026 Future of Portfolio Management & Artificial Intelligence Conference
Jutta Kurth is a PhD candidate in Theoretical and Mathematical Physics at École Polytechnique, where she is part of the Capital Fund Management Chair of Econophysics and Complex Systems. Her research focuses on market anomalies, price formation, and the application of complex-systems and stochastic-process methods to financial markets.
Kurth holds a Master of Science in Physics from the University of Göttingen, where she graduated with a 1.0 GPA, ranked first in her cohort, and was among the top 1% of students. Her studies focused on stochastic processes, statistical physics, complex systems and nonlinear dynamics, data science, econometrics, network dynamics, and econophysics. She also completed a Master’s degree in Theoretical and Mathematical Physics at École Polytechnique through the Capital Fund Management Chair, where her work examined multivariate nonlinear stochastic Hawkes processes and co-jumps in financial markets.
Kurth is the co-author, with renowned physicist and quantitative researcher Jean-Philippe Bouchaud, of the research paper “Stationary Distributions of the Mode-switching Chiarella Model.” The paper derives stationary distributions for different regimes of the extended Chiarella model, a stochastic nonlinear dynamical model of financial markets incorporating competition between trending and mean-reverting forces. Her research examines how changes in noise, feedback, coupling, and mean-reversion can produce different market-distribution regimes, including transitions between unimodal and bimodal distributions. The work also addresses and challenges several previously reported conditions in the literature concerning bifurcations and the relationship between trend and mispricing distributions.
At Capital Fund Management (CFM), Kurth has worked as both a Quantitative Research Intern and a Hosted Researcher. Her research at CFM has included dynamical systems and agent-based models for price formation, trend versus value in financial markets, Hawkes processes, and co-jumps. Her work combines mathematical modeling, time-series analysis, and quantitative research to study the complex dynamics underlying financial markets.
[2511.13277] Stationary Distributions of the Mode-switching Chiarella Model
Kurth began her academic career with a Bachelor of Science in Physics from the University of Bonn. Her undergraduate research included the characterization of jump processes in complex dynamics, which subsequently contributed to a publication in Entropy on jump-diffusion processes in epileptic brain dynamics.
Before focusing fully on quantitative finance and academic research, Kurth gained experience in financial services through internships at Deutsche Bank and KPMG. At Deutsche Bank, she worked in Fixed Income & Currencies Rates Structuring, while at KPMG she worked in Financial Services.
