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David Chambers

David Chambers

Reader in Finance
Academic Director of the Newton Centre for Endowment Asset Management (CEAM)

BA (University of Oxford), MSc (London Business School), MSc and PhD (London School of Economics)

Research interests

Empirical corporate finance, especially IPOs; asset management, particularly in relation to endowments and foundations; financial history; and law and finance.

Subject group: Finance & Accounting

Professional experience

Prior to returning to full-time education in 2001, Dr Chambers worked for 20 years in investment banking at Barings, Hotchkis & Wiley and Merrill Lynch. He gained experience in asset management, mergers and acquisitions and venture capital in Europe, Japan and the United States. Dr Chambers is Academic Director of the Newton Centre for Endowment Asset Management at Cambridge Judge Business School, an Associate Director of the Centre for Financial History and a member of the Cambridge Corporate Governance Network (CCGN). He sits on the Editorial Board of the Financial Analysts Journal.

Previous appointments

Dr Chambers was a post-doctoral research fellow in the Department of Economics, University of Oxford, from 2005 to 2008, and taught on the Masters in Financial Economics and the MBA programmes at Saïd Business School, University of Oxford.

Awards & honours

  • Keynes Fellowship, University of Cambridge, 2013
  • "The Norway Model" voted 'Outstanding Article' by the readers of the Journal of Portfolio Management (with Elroy Dimson and Antti Ilmanen), 2013
  • Thomas K. McCraw Fellow, Harvard Business School, Fall 2012
  • Ashton Prize for the best article in the last two years by an early career researcher published in The Economic History Review (for "Gentlemanly capitalism revisited"), 2011
  • Coller Institute of Private Equity Research Award, 2007
  • Economic History Society New Researcher Prize, 2005
  • LSE Departmental Teaching Prize, 2003/4

Selected publications

Here are a selection of David Chambers' publications. Please see the "Selected publications" tab above for a more comprehensive list.

Chambers, D. and Esteves, R. (2014) "The first global emerging markets investor: Foreign & Colonial Investment Trust 1880-1913." Explorations in Economic History, 52: 1-21 (DOI: 10.1016/j.eeh.2013.08.004)

Chambers, D., Dimson, E. and Foo, J. (2014) "Keynes the stock market investor." Journal of Financial and Quantitative Analysis (forthcoming) (available online via the SSRN)

Chambers D. and Dimson E. (2013) "Retrospectives: John Maynard Keynes, investment innovator." Journal of Economic Perspectives, 27(3): 213-228 (available online via the SSRN)

Chambers, D., Dimson, E. and Ilmanen, A. (2012) "The Norway model." Journal of Portfolio Management, 38(2): 67-81 (DOI: 10.3905/jpm.2012.38.2.067)

Chambers, D. and Dimson, E. (2009) "IPO underpricing over the very long-run." Journal of Finance, 64(3): 1407-1443 (DOI: 10.1111/j.1540-6261.2009.01468.x)

Chambers, D. (2009) "Gentlemanly capitalism revisited: a case study of the underpricing of initial public offerings on the London Stock Exchange, 1946-86." Economic History Review, 62(1): 31-56

Journal articles

Chambers, D. (2009) "Gentlemanly capitalism revisited: a case study of the underpricing of initial public offerings on the London Stock Exchange, 1946-86." Economic History Review, 62(1): 31-56

Chambers, D. and Dimson, E. (2009) "IPO underpricing over the very long-run." Journal of Finance, 64(3): 1407-1443 (DOI: 10.1111/j.1540-6261.2009.01468.x)

Chambers, D. (2010) "Going public in interwar Britain." Financial History Review, 17(1): 51-71 (DOI: 10.1017/S0968565009990163)

Mitchell, B., Chambers, D. and Crafts, N. (2011) "How good was the profitability of British railways, 1870-1912?" Economic History Review, 64(3): 798-831 (DOI: 10.1111/j.1468-0289.2010.00550.x)

Chambers, D., Dimson, E. and Ilmanen, A. (2012) "The Norway model." Journal of Portfolio Management, 38(2): 67-81 (DOI: 10.3905/jpm.2012.38.2.067)

Cheffins, B.R, Koustas D.K. and Chambers, D. (2013) "Ownership dispersion and the London Stock Exchange's 'two-thirds rule': an empirical test." Business History, 55(4): 667-690 (DOI: 10.1080/00076791.2012.741969) (available online via the SSRN)

Burhop, C., Chambers, D. and Cheffins, B.R. (2014) "Regulating IPOs: evidence from going public in London, 1900-1913." Explorations in Economic History, 51: 60-76 (DOI: 10.1016/j.eeh.2013.07.003)

Chambers D. and Dimson E. (2013) "Retrospectives: John Maynard Keynes, investment innovator." Journal of Economic Perspectives, 27(3): 213-228 (available online via the SSRN)

Chambers, D. and Esteves, R. (2014) "The first global emerging markets investor: Foreign & Colonial Investment Trust 1880-1913." Explorations in Economic History, 52: 1-21 (DOI: 10.1016/j.eeh.2013.08.004)

Chambers, D., Dimson, E. and Foo, J. (2014) "Keynes the stock market investor." Journal of Financial and Quantitative Analysis (forthcoming) (available online via the SSRN)

Working papers

Chambers, D., Sarkissian, S. and Schill, M.J. (2012) "Market and regional segmentation and risk premia in the first era of financial globalization." Social Science Research Network Working Paper.

Accominotti, O. and Chambers, D. (2014) "Out-of-sample evidence on the returns to currency trading." Centre for Economic Policy Research Discussion Papers, No.DP9852. London: Centre for Economic Policy Research. (Also available online via the SSRN)

Investing in 2013? Ask John Maynard Keynes

Economist John Maynard Keynes ran the endowment fund at King’s College from 1921 until his death in 1946. His highly successful approach …

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From top to bottom

A new analysis reveals Keynes extraordinary returns hinged on a radical switch he made from being a ‘top down’ macro manager to …

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From top to bottom

A new analysis reveals Keynes extraordinary returns hinged on a radical switch he made from being a ‘top down’ macro manager to …

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Endowment asset management

Academics, investment professionals, philanthropists, directors of not-for-profit organisations and the charity sector are an under-serviced segment of the market which the School’s …

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Lessons from history

Could the current financial crisis have been predicted from historians knowledge of past down turns and depressions globally? Dr David Chambers, University …

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Financial Times: How to see into the future

John Maynard Keynes’s track record over a quarter century running the discretionary portfolio of King’s College Cambridge was excellent, outperforming market benchmarks …

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Financial Advisor: Keynes’ way to wealth

John Wasik investigates why John Maynard Keynes is one of the most important economists in history and refers to research by David …

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Motley Fool blog: Lessons on investing from economics giant John Maynard Keynes

The Motley Fool investigates why John Maynard Keynes is one of the most important economists in history and refers to research by …

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New York Times: John Maynard Keynes’ own portfolio not too dismal

Reporter John Wasik investigates influential economist John Maynard Keynes’s approach to investing in research by David Chambers, Director of the CJBS Centre …

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British Airways Business Life: What can we learn from macroeconomics pioneer John Keynes’ slow start

Tim Harford investigates John Keynes’ way to success and what today’s investor could learn from him. Author refers to a recent study …

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The Daily Telegraph: How to invest like… J. Maynard Keynes

The influential economist also happened to deliver annual returns of 15pc in a timespan covering the Wall Street Crash and the Second …

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YouTube: Sensible Investing TV: How new is ‘new era’ thinking?

Robin Powell interviews Dr David Chambers from Cambridge Judge Business School. Dr Chambers talks about the role that new technology has played in …

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Value Walk: Why Keynes gave up market timing

In this video blog for SensibleInvesting.TV, Robin Powell reports on newly published study of Keynes’s investments for King’s College, Cambridge. The research …

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Financial Times: A lesson from the other ‘sage’ of investing

John Maynard Keynes invented macroeconomics but chose not to anticipate macroeconomic trends as an investment innovator. In a newly published study of …

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The Psy-Fi Blog: Keynesian investing: changing facts, changing minds

Dr David Chambers, from Cambridge Judge Business School, along with Elroy Dimson have published a wonderful paper on Keynes the Stock Market …

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CIO: Endowment investors might learn a lot from Keynes

Keynes made a major contribution to the development of professional asset management, and today’s investors should take heed, a newly published paper …

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Investment Europe: Endowments conference learns lessons from the US Ivy League

There is no easy answer to questions of managing liquidity and risk factors, according to discussion at a recent conference on endowments …

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Cotizalia: Teaching Keynes management

Although most know John Maynard Keynes as one of the most influential economists of the twentieth century, few know that it was …

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BBC2: Keynes investment strategy

Dr David Chambers of Cambridge Judge Business School and Professor Elroy Dimson of the London Business School have studied Keynes’s investment strategy…” …

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Harvard Law School Forum: Ownership dispersion and the London Stock Exchange’s “Two-thirds rule”

In contrast to most other countries, in both Britain and the United States, a hallmark of corporate governance is a separation of …

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The Financial Times: Keynes, the hedge fund pioneer

The macroeconomics of John Maynard Keynes continue to dominate the global economic policy debate to this very day…  A fascinating recent paper …

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The Financial Times: Investment – Norway’s nest egg

Oslo’s oil fund is seen as a paragon of responsible use of energy income but debate rages about its strategy… Dr David …

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Contact details

David Chambers
Cambridge Judge Business School
University of Cambridge
Trumpington Street
Cambridge CB2 1AG
UK

Tel: +44 (0)1223 330759
Fax: +44 (0)1223 339701
Mobile: +44 (0)7733 134529

d.chambers@jbs.cam.ac.uk

Research impact

Investing in 2013? Ask John Maynard Keynes

Economist John Maynard Keynes ran the endowment fund at King’s College from 1921 until his death in 1946. His highly successful approach is providing valuable insight for today’s investors.

Read more