Elroy Dimson

Professor of Finance

Director of Research (Finance)

Chairman of the Centre for Endowment Asset Management (CEAM)

BA (Newcastle University), MCom (Birmingham University), PhD (University of London), Hon FIA (Institute of Actuaries), Hon FSIP (CFA Institute)

My research and consultancy focus on active ownership and on investing for the long term. I have a particular interest in endowment asset management and formerly chaired the Strategy Council for Norway’s sovereign wealth fund, as well as the Policy and Advisory Boards of FTSE Russell. My co-authors and I have become well known for our global research on the investment performance since 1900 of all the main asset categories. I’m part of the Finance subject group at Cambridge Judge Business School, which studies the investment and financing decisions of individuals, firms, and institutions.

A key purpose of my research is to help investors understand today’s markets by studying and interpreting financial history.

My details

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Contact details

[email protected]

Academic area

Finance

Professional experience

Elroy Dimson is a Professor of Finance at Cambridge Judge Business School, and is co-founder and Chairman of the Centre for Endowment Asset Management. He formerly served as chair of the Strategy Council for Norway’s sovereign wealth fund, and as chair of the Policy and Advisory Boards of FTSE Russell. He is a member of the Financial Economists Roundtable and of the European Corporate Governance Institute. He is a Fellow or Honorary Fellow of CFA UK, the Institute of Actuaries, the Royal Historical Society, the Risk Institute at Ohio State University, and Gonville & Caius College, Cambridge.

Professor Dimson’s books include Triumph of the Optimists and the Global Investment Returns Yearbook (with Paul Marsh and Mike Staunton), Endowment Asset Management (with Shanta Acharya), and Financial Market History (with David Chambers). Recent publications are on active ownership (Review of Financial Studies), real assets (Journal of Financial Economics), financial history (Journal of Financial and Quantitative Analysis), endowment strategy (Financial Analysts Journal), and long-horizon investing. His PhD is from London Business School.

Previous appointments

Elroy Dimson has been an Emeritus Professor at London Business School since 2009. Prior to 2009, he served LBS as Professor of Finance, Faculty Governor, Chair of the Finance Area, Chair of the Accounting Area, Dean of MBA Programmes, and Director of the Initiative on Foundation and Endowment Asset Management. He has held visiting positions at Chicago, Berkeley, the Bank of England, and other institutions, as well as a variety of board positions.

Publications

Selected publications

Dimson, E., Marsh, P. and Staunton, M. (2022) Global investment returns yearbook 2022. Zurich: Credit Suisse Research Institute.
Chambers, D., Dimson, E. and Spaenjers, C. (2020) “Art as an asset: evidence from Keynes the collector.” Review of Asset Pricing Studies, 10(3): 490–520 (DOI: 10.1093/rapstu/raaa001)
Chambers, D., Dimson, E. and Kaffe, C. (2020) “Seventy-five years of investing for future generations.” Financial Analysts Journal, 76(4): 5-21 (DOI: 10.1080/0015198X.2020.1802984)
Dimson, E., Rousseau, P.L. and Spaenjers, C. (2015) “The price of wine.” Journal of Financial Economics, 118(2): 431-449 (DOI: 10.1016/j.jfineco.2015.08.005) (available online via the SSRN)
Dimson, E. and Spaenjers, C. (2011) “Ex post: the investment performance of collectible stamps.” Journal of Financial Economics, 100(2): 443-458 (DOI: 10.1016/j.jfineco.2010.12.005)
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)

Journal articles

Horan, S., Dimson, E., Emery, C. and Blay, K. (2022) “ESG investment performance evaluation: an integrated approach.” Journal of Investment Management, 20(4): 17-34
Horan, S.M., Dimson, E., Emery, C., Blay, K. and Yelton, G. (2022) “The state of ESG investing: a portfolio management perspective.” Journal of Impact and ESG Investing, 2(4): 7-29 (DOI: 10.3905/jesg.2022.1.043)
Atta-Darkua, V., Chambers, D., Dimson, E., Ran, Z. and Yu, T. (2021) “Practical applications of strategies for responsible investing: emerging academic evidence.” Practical Applications, 8(4): 1-8 (DOI: 10.3905/pa.8.4.421)
Chambers, D., Dimson, E. and Ilmanen, A. (2021) “The Norway model in perspective.” Journal of Portfolio Management, 47(5): 178-187 (DOI: 10.3905/jpm.2021.1.230)
Dimson, E., Marsh, P. and Staunton, M. (2021) “American exceptionalism: the long-term evidence.” Journal of Portfolio Management, 47(7): 14-26 (DOI: 10.3905/jpm.2021.1.257)
Atta-Darkua, V., Chambers, D., Dimson, E., Ran, Z. and Yu, T. (2020) “Strategies for responsible investing: emerging academic evidence.” Journal of Portfolio Management, 46(3): 26-35 (DOI: 10.3905/jpm.2020.46.3.026)
Chambers, D., Dimson, E. and Kaffe, C. (2020) “Seventy-five years of investing for future generations.” Financial Analysts Journal, 76(4): 5-21 (DOI: 10.1080/0015198X.2020.1802984)
Chambers, D., Dimson, E. and Quigley, E. (2020) “To divest or to engage? A case study of investor responses to climate activism.” The Journal of Investing, 29(2): 10-20 (DOI: 10.3905/joi.2020.1.114)
Chambers, D., Dimson, E. and Spaenjers, C. (2020) “Art as an asset: evidence from Keynes the collector.” Review of Asset Pricing Studies, 10(3): 490–520 (DOI: 10.1093/rapstu/raaa001)
Dimson, E., Marsh, P. and Staunton, M. (2020) “Divergent ESG ratings.” Journal of Portfolio Management, 47(1): 75-87 (DOI: 10.3905/jpm.2020.1.175)

Dimson, E., Marsh, P. and Staunton, M. (2020) “Exclusionary screening.” Journal of Impact and ESG Investing, 1(1): 66-75 (DOI: 10.3905/jesg.2020.1.1.066)
Dimson, E., Marsh, P. and Staunton, M. (2017) “Factor-based investing: the long-term evidence.” Journal of Portfolio Management, 43(5): 15–37 (DOI: 10.3905/jpm.2017.43.5.015)
Chambers, D. and Dimson, E. (2016) “The master’s choice.” London Business School Review, 27(2): 38-39 (DOI: 10.1111/2057-1615.12117)
Chambers, D. and Dimson, E. (2015) “The British origins of the US endowment model.” Financial Analysts Journal, 71(2): 10-14 (DOI: 10.2469/faj.v71.n2.7) (available online via the SSRN)
Chambers, D., Dimson, E. and Foo, J. (2015) “Keynes the stock market investor: a quantitative analysis.” Journal of Financial and Quantitative Analysis, 50(4): 843-868 (DOI: 10.1017/S0022109015000186) (available online via the SSRN)
Dimson, E., Rousseau, P.L. and Spaenjers, C. (2015) “The price of wine.” Journal of Financial Economics, 118(2): 431-449 (DOI: 10.1016/j.jfineco.2015.08.005) (available online via the SSRN)
Dimson, E., Karakaş, O. and Li, X. (2015) “Active ownership.” Review of Financial Studies, 28(12): 3225-3268 (DOI: 10.1093/rfs/hhv044)
Dimson, E. and Spaenjers, C. (2014) “Investing in emotional assets.” Financial Analysts Journal, 70(2): 20-25 (DOI: 10.2469/faj.v70.n2.8)
Chambers D. and Dimson E. (2013) “Retrospectives: John Maynard Keynes, investment innovator.” Journal of Economic Perspectives, 27(3): 213-228 (DOI: 10.1257/jep.27.3.213)
Dimson, E. and Spaenjers, C. (2011) “Ex post: the investment performance of collectible stamps.” Journal of Financial Economics, 100(2): 443-458 (DOI: 10.1016/j.jfineco.2010.12.005)
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)

Books, monographs, reports and case studies

Dimson, E., Marsh, P. and Staunton, M. (2023) Credit Suisse global investment returns yearbook 2023. Zurich: Credit Suisse Research Institute.
Dimson, E., Marsh, P. and Staunton, M. (2022) Global investment returns yearbook 2022. Zurich: Credit Suisse Research Institute.
Horan, S.H., Dimson, E., Emery, C., Blay, K.A., Yelton, G. and Agarwal, A. (2022) ESG investment outcomes, performance evaluation, and attribution. London: CFA Institute Research Foundation.
Evans, S., Marsh, P. and Dimson, E. (2021) Numis Smaller Companies Index: 2021 annual review. London: Numis Securities.
Dimson, E., Marsh, P. and Staunton, M. (2020) Global investment returns yearbook 2020. Zurich: Credit Suisse Research Institute.
Evans, S., Marsh, P. and Dimson, E. (2019) Numis Smaller Companies Index: 2019 annual review. London: Numis Securities.
Dimson, E. and Marsh, P. (eds.) (2019) Risk measurement service. London: London Business School.
Dimson, E., Marsh, P. and Staunton, M. (2017) Switzerland: a financial market history. Zurich: Credit Suisse Research Institute. (Available online)
Chambers, D. and Dimson, E. (eds.) (2016) Financial market history: reflections on the past for investors today. London: CFA Institute Research Foundation.
Chambers, D., Dimson, E., Segal, A.I. and Steiner, E. (2016) “The role of real estate: the case of Christ Church College.” Harvard Business School: 9-216-086.

Chambers, D., Dimson, E., Viceira, L.M. and Corsi, E. (2016) “Models of endowment management: King’s College, Cambridge.” Harvard Business School: 9-216-023.
Viceira, L.M., Chambers, D. and Dimson, E. (2016) “Clare College: seeking investment opportunity in a financial crisis.” Harvard Business School: 9-216-015.
Acharya, S. and Dimson, E. (2007) Endowment asset management. Oxford: Oxford University Press.
Dimson, E., Marsh, P. and Staunton, M. (2002) Triumph of the optimists. Princeton, NJ: Princeton University Press.

Book chapters

Dimson, E. (2023) “A global view and American exceptionalism.” In: Siegel, L.B. and McCaffrey, P. (eds.) Revisiting the equity risk premium. Charlottesville, VA: CFA Institute Research Foundation, pp.7-11
Atta-Darkua, V. and Dimson, E. (2018) “Diversifisering på tvers av industrisektorer [Sector exclusion].” In: Thøgersen, Ø. (ed.) Energiaksjer i Statens pensjonsfond utland [Energy shares in the Government Pension Fund Global]. Oslo: Norwegian Ministry of Finance, pp.117–134 (Available online)
Dimson, E., Marsh, P. and Staunton, M. (2018) “The evolution of equity markets.” In: Faber, M. and Remsburg, J. (eds.) The best investment writing: selected writing from leading investors and authors: vol.2. Petersfield: Harriman House, pp.5-12
Dimson, E., Marsh, P. and Staunton, M. (2017) “Five factors that influence investment returns.” In: Parker, C. (ed.) Harriman’s new book of investing rules. Petersfield: Harriman House, pp.215–220
Dimson, E., Marsh, P. and Staunton, M. (2016) “Long-term asset returns.” In: Chambers, D. and Dimson, E. (eds.) Financial market history: reflections on the past for investors today. Charlottesville, VA: CFA Institute Research Foundation, pp.2-26
Chambers, D., Dimson, E. and Foo, J. (2015) “Keynes, King’s and endowment asset management.” In: Brown, J.R. and Hoxby, C.M. (eds.) How the financial crisis and great recession affected higher education: National Bureau of Economic Research Conference Report. Chicago, IL: University of Chicago Press, pp.127-150
Dimson, E. and Spaenjers, C. (2014) “The investment performance of art and other collectibles.” In: Dempster, A.M. (ed.) Risk and uncertainty in the art world. London: Bloomsbury Publishing, pp.219-238
Dimson, E., Marsh, P. and Staunton, M. (2008) “The worldwide equity risk premium: a smaller puzzle.” In: Mehra, R. (ed.) Handbook of the equity risk premium. Amsterdam: Elsevier.

Awards and honours

Best Research Paper (for “Coordinated engagements” with Oguzhan Karakas and Xi Li), Brandes Institute, 2021
Among top luminaries in Investment Luminaries and their Insights, CFA Institute Research Foundation, 2021
Bernstein Fabozzi/Jacobs Levy Outstanding Article Award for “Factor-based investing: the long-term evidence” (with Paul Marsh and Mike Staunton), 2018
The University of Cambridge Vice-Chancellor’s Impact Award, 2017
Savvy Investor Best Investment Paper for Financial Market History, 2017
FIR-PRI Award for Best Published Paper on Sustainability, 2016
Graham and Dodd Best Perspectives Award, Financial Analysts Journal, 2015
aCIO Top 10 Most Influential Academics in Institutional Investing, 2013
Best Paper Award from AAWE for “The price of wine” (with Christophe Spaenjers), 2013
Moskowitz Prize for Best Paper in 2012-13 for “Active ownership” (with Oguzhan Karakas and Xi Li), 2013

News and insights

US equity market dominance: why it’s not just the UK losing out

Annual UBS Investment Returns Yearbook, co-authored by Professor Elroy Dimson of Cambridge Judge Business School, finds that Japan, Canada, Germany, Australia and other nations have lost stock market share to the US.

Research centre news

Cambridge Judge faculty among most-published authors in top finance journals

Three Cambridge Judge faculty – Lucio Sarno, Raghavenda Rau and Elroy Dimson – are cited in study as among the most prolific authors of papers in top finance journals.

Finance and accounting

History shows inflation is stubborn when it hits 8%

Inflation hit decades-long highs in 2022, and easing is historically very slow from such levels, says new report co-authored by Elroy Dimson of Cambridge Judge Business School.