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Finance & Accounting

The Finance & Accounting group has a central focus on the analysis of financial decisions of business. The group also investigates two principal sources of data informing financial decisions: prices in financial markets in which business operates, and financial reports supplied by business to the financial markets. The group is engaged in researching regulation of company financial reporting and commercial and central banks to locate and reveal risk.

The group focuses on: 

  • Business finance 
  • Financial policy 
  • Empirical corporate finance 
  • Investment management 
  • Financial reporting 
  • Stock markets 

 

 

 

Faculty

Professors

  • Dimson, Elroy
    Research Director (Finance & Accounting), Chairman of the Centre for Endowment Asset Management (CEAM)
  • Dissanaike, Gishan
    Adam Smith Professor of Corporate Governance
  • Lambrecht, Bart
    Professor of Finance, Director of the Cambridge Endowment for Research in Finance (CERF), Director of the Centre for Financial Analysis & Policy (CFAP)
  • Meeks, Geoff
    Professor of Financial Accounting
  • Rau, Raghavendra
    Sir Evelyn de Rothschild Professor of Finance, Head of the Finance & Accounting Subject Group, Director (Research) of the Cambridge Centre for Alternative Finance (CCAF)

Readers

  • Chambers, David
    Reader in Finance, Academic Director of the Centre for Endowment Asset Management (CEAM)

Senior Lecturers

Lecturers

Senior Faculty in Management Practice

  • Cole, Othman
    Deputy Director of the Executive MBA Programme, Senior Faculty in Management Practice (Finance)
  • Taylor, Simon
    Director of the Master of Finance Programme, Deputy Director of Executive Education, Senior Faculty in Management Practice (Finance)

Pembroke Visiting Scholars

The Pembroke Visiting Scholars Scheme was established in 2012 to allow senior faculty who are active in publishing and research to visit Cambridge Judge Business School for extended periods ranging between three to six months. The Professor plays an active role in the Finance & Accounting group and in several cases the initial visitors have launched significant research projects with the current faculty of the group. The holder of the Professorship is admitted to Pembroke College as a Visiting Scholar for the duration of their residency in Cambridge. As a Visiting Scholar of Pembroke College the Visiting Professor is entitled, as Fellows of the College are, to seven lunches or dinners per week free of charge whenever the kitchens are open; High Table dinner is available to Fellows every evening; and the scholar has the use of an apartment rent-free for the period of their residence.

  • Christopher M. James
    Pembroke Visiting Professor of Finance, Michaelmas 2015 and Lent 2016
    Warrington College of Business, University of Florida
  • Anthony Saunders
    Pembroke Visiting Professor of Finance, Lent and Easter 2015
    New York University, Stern School of Business
  • Avanidhar Subrahmanyam
    Pembroke Visiting Professor of Finance, Michaelmas 2012, Michaelmas 2013 and Lent 2014
    UCLA Anderson School of Management
  • Andrew Karolyi
    Pembroke Visiting Professor of Finance, Lent and Easter 2013
    Cornell University, Samuel Curtis Johnson Graduate School of Management
  • Hayne Leland
    Pembroke Visiting Professor of Finance, Easter 2012
    University of California, Berkeley, Haas School of Business

Santander Visiting Fellows in Finance

Santander Fellows are an integral part of the Finance & Accounting group for the period of their six-month tenure, working closely with both junior faculty and graduate students over a sustained period to develop new research projects and co-authored publications. From 2013, the Santander Fellow also holds a Visiting Fellowship at Clare Hall, a graduate college in the University.

  • Jeffrey Pontiff
    Santander Visiting Fellow 2016
    Carroll School of Management, Boston College
  • Adam V. Reed
    Santander Visiting Fellow 2013
    Kenan-Flagler Business School, University of North Carolina
  • Alexander Ljungqvist
    Santander Visiting Fellow 2011
    Stern School of Business, New York University
  • Michael Schill
    Santander Visiting Fellow 2011
    Darden School of Business, University of Virginia

PhD students

Fellows & Associates

The Faculty have published in all the leading international finance and accounting journals, including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, The Accounting Review, Journal of Accounting Research, Journal of Financial & Quantitative Analysis, Journal of Business, Review of Asset Pricing Studies and Review of Finance, among others. Here are a selection from the last few years:

2016

Bernile, G., Bhagwat, V. and Rau, P.R. (2016) "What doesn't kill you will only make you more risk-loving: early-life disasters and CEO behavior." Journal of Finance (available online via the SSRN) (forthcoming)

Chang, X., Chen, Y. and Zolotoy, L. (2016) "Stock liquidity and stock price crash risk." Journal of Financial and Quantitative Analysis (forthcoming)

Lambrecht, B.M., Pawlina, G. and Teixeira, J.C.A. (2016) "Making, buying and concurrent sourcing: implications for operating leverage and stock beta." Review of Finance (DOI: 10.1093/rof/rfv027) (published online Jul 2015; forthcoming in print)

Phillips, B., Pukthuanthong, K. and Rau, P.R. (2016) "Past performance may be an illusion: performance, flows, and fees in mutual funds." Critical Finance Review (forthcoming) (available online via the SSRN)

Prado, M.P., Saffi, P.A.C. and Sturgess, J. (2016) "Ownership structure, limits to arbitrage and stock returns: evidence from equity lending markets." Review of Financial Studies (forthcoming)

2015

Acharya, V.V. and Lambrecht, B.M. (2015) "A theory of income smoothing when insiders know more than outsiders." Review of Financial Studies, 28(9): 2534-2574 (DOI: 10.1093/rfs/hhv026)

Aggarwal, R., Saffi, P.A.C. and Sturgess, J. (2015) "The role of institutional investors in voting: evidence from the securities lending market." Journal of Finance, 70(5): 2309-2346 (available online via the SSRN)

Amel-Zadeh, A. and Zhang, Y. (2015) "The economic consequences of financial restatements: evidence from the market for corporate control." The Accounting Review, 90(1): 1-29 (DOI: 10.2308/accr-50869)

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)

Chang, X. and Zhang, H.F. (2015) "Managerial entrenchment and firm value: a dynamic perspective." Journal of Financial and Quantitative Analysis, 50(5): 1083-1103 (DOI: 10.1017/S0022109015000423)

Chang, X., Fu, K., Low, A. and Zhang, W. (2015) "Non-executive employee stock options and corporate innovation." Journal of Financial Economics, 115(1): 168-188 (DOI: 10.1016/j.jfineco.2014.09.002)

Dimson, E., Karakas, O. and Li, X. (2015) "Active ownership." Review of Financial Studies (conditionally accepted) (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)

Malmendier, U., Opp, M.M. and Saidi, F. (2016) "Target revaluation after failed takeover attempts: cash versus stock." Journal of Financial Economics, 119(1): 92-106 (DOI: 10.1016/j.jfineco.2015.08.013)

2014

Chang, X., Dasgupta, S., Wong, G. and Yao, J. (2014) "Cash flow sensitivities and the allocation of internal cash flow." Review of Financial Studies, 27(12): 3628-3657 (DOI: 10.1093/rfs/hhu066)

Dimson, E. and Spaenjers, C. (2014) "Investing in emotional assets." Financial Analysts Journal, 70(2): 18-22 (DOI: 10.2469/faj.v70.n2.8)

Nguyen B.D. and Nielsen, K.M. (2014) "What death can tell: are executives paid for their contributions to firm value?" Management Science, 60(12): 2994-3010 (DOI: 10.1287/mnsc.2014.2011) (also available online via the SSRN)

Phillips, B., Pukthuanthong, K. and Rau, P.R. (2014) "Detecting superior mutual fund managers: evidence from copycats." Review of Asset Pricing Studies, 4(2): 286-321 (DOI: 10.1093/rapstu/rau007)

2013

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)

Rau, P.R. and Xu, J. (2013) "How do ex ante severance pay contracts fit into optimal executive incentive schemes?" Journal of Accounting Research 51(3): 631-671 (DOI: 10.1111/joar.12001)

Mola, S., Rau, P.R. and Khorana, A. (2013) "Is there life after the complete loss of analyst coverage?" The Accounting Review, 88(2): 667-705 (DOI: 10.2308/accr-50330)

2012

Nguyen, B.D. (2012) "Does the Rolodex matter? Corporate elite's small world and the effectiveness of boards of directors." Management Science, 58(2): 236-252 (DOI: 10.1287/mnsc.1110.1457)

2011

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)

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)

Rau, P.R. and Stouraitis, A. (2011) "Patterns in the timing of corporate event waves." Journal of Financial and Quantitative Analysis, 46(1): 209-246 (DOI: 10.1017/S0022109010000694)

2010

Nguyen, B.D. and Nielsen K.M. (2010) "The value of independent directors: evidence from sudden death." Journal of Financial Economics, 98(3): 550-567 (DOI: 10.1016/j.jfineco.2010.07.004)

Cheung, Y.-L., Rau, P.R. and Stouraitis, A. (2010) "Helping hand or grabbing hand? Central vs. local government shareholders in Chinese listed firms." Review of Finance, 14(4): 669-694 (DOI: 10.1093/rof/rfp024)

Saffi, P.A.C. and Sigurdsson K. (2010) "Price efficiency and short selling." The Review of Financial Studies, 24(3): 821-852 (DOI: 10.1093/rfs/hhq124)

2009

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 (DOI: 10.1111/j.1468-0289.2008.00457.x)

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)

Chang, X. and Dasgupta, S. (2009) "Target behavior and financing: how conclusive is the evidence?" Journal of Finance, 64(4): 1767-1796 (DOI: 10.1111/j.1540-6261.2009.01479.x)

Chang, X., Dasgupta, S. and Hilary, G. (2009) "The effect of auditor quality on financing decisions." The Accounting Review, 84(4): 1085-1117 (DOI: 10.2308/accr.2009.84.4.1085)

Editorships

  • Gishan Dissanaike: Guest Editor, European Financial Management, Special Issue 16(5): Corporate Governance and Control, 2010
  • Bart Lambrecht: Associate Editor, Journal of Banking and Finance, 2013-2016
  • Bart Lambrecht: Associate Editor, Review of Finance, 2014-2016
  • Bart Lambrecht: Member of the Editorial Board, Journal of Business Finance and Accounting, 2006-present
  • Raghavendra Rau: President, European Finance Association, 2014
  • Raghavendra Rau: Co-editor, Financial Management, 2011-2016
  • Raghavendra Rau: Associate Editor, International Review of Finance, 2010-2013
  • Raghavendra Rau: Associate Editor, Quarterly Journal of Finance, 2011-2014
  • Raghavendra Rau: Vice-President, European Finance Association, 2013
  • Raghavendra Rau: Associate Editor, Journal of Banking and Finance, 2013-2016

Grants & awards

  • David Chambers and Elroy Dimson: Graham & Dodd Best Perspectives Award for the paper "The British origins of the US endowment model", 2015
  • Jenny Chu, Jonathan Faasse and Raghavendra Rau: FMA Competitive Paper in Corporate Finance Award for the paper "Do compensation consultants enable higher CEO pay? New evidence from recent disclosure rule changes", 2015
  • Raghavendra Rau (with Gennaro Bernile and Vineet Bhagwat): Ig Nobel Prize in Management for the paper "What doesn't kill you will only make you more risk-loving: early life disasters and CEO behavior", 2015
  • Raghavendra Rau (with Gennaro Bernile and Vineet Bhagwat): International Finance & Banking Society best paper in conference award for the paper "What doesn't kill you will only make you more risk-loving: early life disasters and CEO behavior", 2015
  • Pedro Saffi (with Scott Richardson and Kari Sigurdsson): "Deleveraging risk" awarded one of two Best Paper Awards, Financial Management Association International (FMA) Consortium for European Finance Faculty, 2014; also awarded the Crowell Third Prize, 2015
  • Raghavendra Rau (with Blake Phillips and Kuntara Pukthuanthong): "Past performance may be an illusion: performance, flows, and fees in mutual funds" awarded the Best Paper in Investments, Annual Meeting of the Southern Finance Association, 2014
  • Geoff Meeks and Amir Amel-Zadeh: "Bank failure, mark-to-market and the financial crisis" awarded the Annual Manuscript Award for the best article published in Abacus in 2013
  • Farzad Saidi: JEEA Excellence in Refereeing Award, 2013
  • Bang Dang Nguyen (with Q.-A. Do and Yen-Teik Lee): "Political connections and firm value: evidence from regression discontinuity design of close gubernatorial elections" awarded Best Corporate Finance Paper Award at the Society of Financial Studies Finance Cavalcade, 2013
  • David Chambers and Elroy Dimson (with Antti Ilmanen): "The Norway model" voted an Outstanding Article by the readers of the Journal of Portfolio Management for its evaluation of the strategies followed by Norway's Government Pension Fund Global (GPFG), including its long-term performance and response to the financial crisis, 2013
  • David Chambers: Thomas K. McCraw Fellow, Harvard Business School, Fall 2012
  • Bart Lambrecht: CEPR Research Fellow, 2013-present
  • Bart Lambrecht (with Stewart Myers): "A theory of takeovers and disinvestment" (Journal of Finance, 62(2), 2007) awarded an Emerald Citation of Excellence from Emerald Management Reviews, 2008
  • Pedro Saffi: Q-Group Grant, The Role of Institutional Investors in Voting: Evidence from the Securities Lending Market, with Reena Aggarwal and Jason Sturgess of Georgetown University, 2012
  • David Chambers: 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
  • Bang Nguyen: Xia Yihong Best Paper Award for the paper "The value of independent directors: evidence from sudden deaths," China International Conference in Finance (organised by MIT Sloan School of Management and Tsinghua University), Guangzhou, China, July 2009
  • David Chambers: Coller Institute of Private Equity Research Award, 2007
  • David Chambers: Economic History Society New Researcher Prize, 2005

Conference organisation

  • Raghavendra Rau: Organiser, FM Writers' Workshop, FMA European meetings, Venice, 2015; Cambridge, 2016
  • Raghavendra Rau: Programme Chair, European Finance Association, Cambridge, 2013
  • Raghavendra Rau: Programme Co-Chair, Annual FMA-Napa Conference on Financial Markets, 2012-2016
  • Gishan Dissanaike: Programme Co-Chair, Conference on National Governance Bundles, Corporate Governance: An International Review (CGIR), Cambridge, 2012
  • Gishan Dissanaike: Programme Co-Chair, European Financial Management Association Symposium on Corporate Governance and Control, 2009
  • Raghavendra Rau: Programme Co-Chair, Financial Management Association European Meeting, Stockholm 2006

The group is committed to translating research into practice, both through regulators and the private sector, with links to Citigroup, Credit Suisse, Ernst & Young, Morgan Stanley, Warburg Pincus, the IASB and the ASB.

     

The group has access to a comprehensive range of financial data via the School and University subscriptions. Visit Information & Library Services' list of available databases to find out more.

The Finance & Accounting Seminar Series

The Finance & Accounting group runs a regular seminar series during term time.

Michaelmas Term 2016 seminars

4 Oct 2016 (time and venue tbc)
Title tbc
Dr Gerard Hoberg, Marshall School of Business, University of Southern California

11 Oct 2016 (12:30-14:00, venue tbc)
Title tbc
Dr Nick Gantchev, Kenan-Flagler Business School, University of North Carolina

18 Oct 2016 (time and venue tbc)
Title tbc
Professor Aloke Ghosh, Zicklin School of Business, Baruch College, City University of New York

25 Oct 2016 (time and venue tbc)
Title tbc
Professor Darius Palia, Rutgers Business School, State University of New Jersey

1 Nov 2016 (time and venue tbc)
Title tbc
Professor Anil Kashyap, University of Chicago Booth School of Business

15 Nov 2016 (time and venue tbc)
Title tbc
Professor Amit Seru, University of Chicago Booth School of Business

22 Nov 2016 (time and venue tbc)
Title tbc
Dr Xi Li, London School of Economics and Political Science

6 Dec 2016 (time and venue tbc)
Title tbc
Professor Malcolm Baker, Harvard Business School

Lent Term 2017 seminars

17 Jan 2017 (time and venue tbc)
Job talk

24 Jan 2017 (time and venue tbc)
Job talk

31 Jan 2017 (time and venue tbc)
Job talk

7 Feb 2017 (time and venue tbc)
Job talk

14 Feb 2017 (time and venue tbc)
Job talk

21 Feb 2017 (time and venue tbc)
Job talk

28 Feb 2017 (time and venue tbc)
Job talk

7 Mar 2017 (time and venue tbc)
Title tbc
Professor Steven Kaplan, University of Chicago Booth School of Business

Easter Term 2017 seminars

2 May 2017 (time and venue tbc)
Title tbc
Professor David Scharfstein, Harvard Business School

9 May 2017 (time and venue tbc)
Title tbc
Dr Stefano Rossi, Krannert School of Management, Purdue University

18 May 2017 (time and venue tbc)
Title tbc
Professor Rene Stulz, Ohio State University

23 May 2017 (12:30-14:00, venue tbc)
Title tbc
Professor Vojislav Maksimovic, Robert H. Smith School of Business, University of Maryland

30 May 2017 (time and venue tbc)
Title tbc
Professor Morten Sørensen, Copenhagen Business School

6 Jun 2017 (time and venue tbc)
Title tbc
Professor Jeffrey Wurgler, Stern School of Business, New York University

15 Jun 2017 (time and venue tbc)
Title tbc
Professor Geert Bekaert, Columbia Business School

View details of some previous seminars

May 2016
One Central Bank to Rule Them All
Dr Mungo Wilson, Oxford Saïd Business School

May 2016
The Role of Convex Equity Incentives in Managers' Forecasting Decisions
Dr Holly Yang, Singapore Management University

May 2016
Do the Distributional Characteristics of Corporate Bonds Predict Their Future Returns?
Professor Turan G. Bali, McDonough School of Business, Georgetown University

May 2016
The US Listing Gap
Professor René M. Stulz, Ohio State University

Apr 2016
The Run for Safety: Financial Fragility and Deposit Insurance
Dr Rajkamal Iyer, MIT Sloan School of Management

Feb 2016
Does Hiking Damage Your Wealth?
Professor Elroy Dimson, Cambridge Judge Business School

Mar 2016
Are Foreign Investors Locusts? The Long-Term Effects of Foreign Institutional Ownership
Dr Pedro Matos, Darden School of Business, University of Virginia

Dec 2015
Informed Trading by Advisor Banks? A Look at Options Holdings ahead of Mergers
Professor Michelle Lowry, Drexel University

Dec 2015
Changes in Corporate Effective Tax Rates over the Past 25 Years
Professor Michelle Hanlon, MIT Sloan School of Management

Nov 2015
Influencing Control: Jawboning in Risk Arbitrage
in association with the Cambridge Corporate Governance Network (CCGN)
Dr Tao Li, Warwick Business School

Nov 2015
Fear, Anger & Credit: On Bank Robberies & Loan Conditions
Professor Steven Ongena, University of Zurich

Nov 2015
A Bound on Expected Stock Returns
Professor Ohad Kadan, Olin Business School

Oct 2015
Characteristic-Based Expected Returns & Corporate Events
Professor Hendrik Bessembinder, W.P. Carey School of Business

Oct 2015
Do Managers Tacitly Collude to Withhold Industry-wide Bad News?
Professor Catherine Schrand, The Wharton School, University of Pennsylvania

Oct 2015
International Liquidity Shocks, the Real Economy, and Social Unrest: China, 1931-1935
Dr Alberto Manconi, Tilburg University

Oct 2015
Can Institutional Investors Improve Corporate Governance through Collective Action?
in association with the Cambridge Corporate Governance Network (CCGN)
Professor Alexander Dyck, University of Toronto

Aug 2015
CEO Compensation Contracting and Earnings Management
Professor Ronald Masulis, Australian School of Business, University of New South Wales

Jul 2015
Errors & Questionable Judgments in Analysts' DCF Models
Professor John Hand, UNC Kenan-Flagler Business School

Jun 2015
Say Pays! Shareholder Voice & Firm Performance
Dr Mireia Giné, IESE Business School, University of Navarra

Jun 2015
Hoard Behaviour during Commodity Bubbles
Professor Harrison Hong, Princeton University

May 2015
The Kinks of Financial Journalism
in association with the Cambridge Corporate Governance Network (CCGN)
Dr Diego Garcia, UNC Kenan-Flagler Business School

May 2015
The Value Trap: Value Buys Risky Growth
Professor Stephen H. Penman, Columbia Business School

May 2015
Seminar – Information Networks: Evidence From Illegal Insider Trading Tips
Dr Kenneth Ahern, USC Marshall School of Business

Apr 2015
Cashing out: The Rise of M&A in Bankruptcy
in association with the Cambridge Corporate Governance Network (CCGN)
Dr Edie Hotchkiss, Wallace E. Carroll School of Management, Boston College

Apr 2015
Hierarchical Agency Issues: The Case of Service Agreements in Private Equity
in association with the Cambridge Corporate Governance Network (CCGN)
Dr Ludovic Phalippou, Saïd Business School, University of Oxford

Mar 2015
Who Monitors the Monitor? Bank Capital Structure & Borrower Monitoring
in association with the Cambridge Corporate Governance Network (CCGN)
Professor Anjan Thakor, Olin School of Business, Washington University in St Louis

Feb 2015
Covenant Violations & Dynamic Loan Contracting
Professor Anthony Saunders, Stern School of Business, New York University

Feb 2015
A Time-Varying Premium for Idiosyncratic Risk: Its Effects on the Cross-Section of Stock Returns
Daruo Xie, W.P. Carey School of Business, Arizona State University

Jan 2015
The Impact of Credit Default Swaps on Creditor Governance
Stefano Colonnello, Swiss Finance Institute and École Polytechnique Fédérale de Lausanne

Jan 2015
Threat of Entry & Debt Maturity: Evidence from Airlines
Gianpaolo Parise, Swiss Finance Institute and University of Lugano

Jan 2015
On the Performance of Financial Analysts
Dr Jason Sturgess, Kellstadt Graduate School of Business, DePaul University

Nov 2014
Real Estate Collateral & Labour Demand
Professor David Thesmar, HEC Paris

Nov 2014
Tips & Tells from Managers: How Analysts and the Market Read between the Lines of Conference Calls
Dr Alexander Wagner, Swiss Finance Institute and the University of Zurich

Nov 2014
The Liquidity Premium of Near-Money Assets
Professor Stefan Nagel, University of Michigan Ross School of Business

Oct 2014
Do Corporate Taxes Hinder Innovation?
Dr Alminas Zaldokas, Hong Kong University of Science and Technology (HKUST)

Oct 2014
Information, Credit & Organisation
Dr Jose Liberti, De Paul University

Oct 2014
The Booms and Busts of Beta Arbitrage
Professor Christopher Polk, London School of Economics

Jun 2014
Investor Composition and Liquidity: An Analysis of Japanese Stocks
Professor Sheridan Titman, The University of Texas at Austin

Jun 2014
Who Are the Sentiment Traders? Evidence from the Cross-section of Stock Returns and Demand
Professor Laura Starks, McCombs School of Business, The University of Texas at Austin

May 2014
Hedge Fund Holdings & Stock Market Efficiency
Professor Bing Liang, Isenberg School of Management, University of Massachusetts

May 2014
Out-of-the-Money CEOs: How Do Proxy Contests Affect Insider Option Exercises?
Professor Wei Jiang, Columbia Business School

May 2014
Understanding Structured Finance Default Correlations in the Wake of the Financial Crisis
Professor John Griffin, McCombs School of Business, The University of Texas at Austin

May 2014
Short Interest: A Meta Anomaly / Short Selling Risk
Professor Adam Reed, Cambridge Judge Business School / Dr Matthew C. Ringgenberg, Olin Business School, Washington University in St Louis

May 2014
The Twilight Zone: OTC Regulatory Regimes and Market Quality
in association with the Cambridge Corporate Governance Network (CCGN)
Professor Christian Leuz, University of Chicago Booth School of Business

Apr 2014
Do Exchange Traded Funds (ETFs) Increase Volatility?
Professor Francesco Franzoni, University of Lugano

Mar 2014
Labour Protection & Leverage
Download the abstract for this seminar (pdf, 59KB)
Professor Paolo Volpin, Cass Business School

Feb 2014
Are International Accounting Standards More Credit Relevant than Domestic Standards?
Download the abstract for this seminar (pdf, 20KB)
Dr Annita Florou, King's College London

Feb 2014
Is the Stock Market Just a Sideshow? Evidence from a Structural Reform
Download the abstract for this seminar (pdf, 22KB)
in association with the Cambridge Corporate Governance Network (CCGN)
Professor Murillo Campello, Johnson Graduate School of Management, Cornell University

Feb 2014
Private Equity and the Resolution of Financial Distress
Download the abstract for this seminar (pdf, 20KB)
Professor Per Strömberg, Stockholm School of Economics

Jan 2014
The Credit Spread Puzzle - Myth or Reality?
Download the abstract for this seminar (pdf, 57KB)
Dr Peter Feldhütter, London Business School

Dec 2013
A Theory of ABS Design Based on Rational Noise-Traders
Download the abstract for this seminar (pdf, 9KB)
Professor Christopher Hennessy, London Business School

Nov 2013
Firm Policies and the Cross-section of CDS Spreads
Download the abstract for this seminar (pdf, 9KB)
Professor Andrea Gamba, Warwick

Nov 2013
The Importance of Institutional Investors' Portfolio Weights
Download the abstract for this seminar (pdf, 12KB)
in association with the Cambridge Corporate Governance Network (CCGN)
Dr Eliezer Fich, LeBow College of Business, Drexel University

Nov 2013
Do Measures of Financial Constraints Measure Financial Constraints?
Download the abstract for this seminar (pdf, 12KB)
Dr Joan Farre-Mensa, Harvard Business School

Oct 2013
Unfriendly Creditors: Board Independence Increases after Loan Covenant Violations
Download the abstract for this seminar (pdf, 12KB)
Professor Daniel Ferreira, London School of Economics

Oct 2013
Shareholder Voting and Corporate Governance around the World
Download the abstract for this seminar (pdf, 12KB)
in association with the Cambridge Corporate Governance Network (CCGN)
Professor Karl Lins, University of Utah

Jun 2013
The Dynamics Of Investment, Payout and Debt
Professor Stewart Myers, MIT Sloan School of Management

Jun 2013
Equity Lending, Investment Restrictions and Fund Performance
Download the abstract for this seminar (pdf, 12KB)
Professor Miguel Ferreira, Nova School of Business and Economics, Portugal

May 2013
An Empirical Analysis of Co-Movements in Market Efficiency Measures
Download the abstract for this seminar (pdf, 12KB)
Professor Mathijs van Dijk, Rotterdam School of Management

May 2013
Debt Maturity and the Liquidity of Secondary Debt Markets
Download the abstract for this seminar (pdf, 12KB)
Dr Max Bruche, Cass Business School

Apr 2013
Capital Structure and Employment Flexibility
Download the abstract for this seminar (pdf, 13KB)
Dr Olga Kuzmina, New Economic School, Moscow

Mar 2013
An Accounting-Based Characteristic Model for Asset Pricing
Download the abstract for this seminar (pdf, 12KB)
Professor Scott Richardson, London Business School

Mar 2013
Geography and Capital: Foreign Listings of US Railroads during the First Era of Financial Globalisation
Download the abstract for this seminar (pdf, 12KB)
Dr David Chambers, Cambridge Judge Business School

Feb 2013
How Do Industry Peers Respond to Control Threats?
Download the abstract for this seminar (pdf, 12KB)
Dr Ane Tamayo, London School of Economics

Feb 2013
Corporate Ownership and International Mergers and Acquisitions
Download the abstract for this seminar (pdf, 12KB)
Professor Kai Li, Sauder School of Business

Feb 2013
Making the Most of Good Times: Shareholder Rights and Performance Revisited
Download the abstract for this seminar (pdf, 12KB)
Tara Bhandari, MIT Sloan School of Management

Feb 2013
Managerial Learning from Target Runup
Download the abstract for this seminar (pdf, 12KB)
Ms Anjana Rajamani, Katz Graduate School of Business, University of Pittsburgh

Feb 2013
Secured Creditor Control in Bankruptcy: Costs and Conflict
Download the abstract for this seminar (pdf, 12KB)
MrAndrea Polo, Saïd Business School, University of Oxford

Feb 2013
The Effect of the CEO's Option Compensation on the Firm's Capital Structure: A Natural Experiment
Download the abstract for this seminar (pdf, 12KB)
MrOnur Tosun, Smith School of Business, University of Maryland

Feb 2013
Firm Specific Information and the Cost of Equity Capital
Download the abstract for this seminar (pdf, 12KB)
Huafeng (Jason) Chen, Sauder School of Business

Feb 2013
How Do Informational Frictions Affect the Firm's Choice of Asset Liquidity? The Effect of SOX Section 404
Download the abstract for this seminar (pdf, 12KB)
Felipe Cortes, Olin Business School, Washington University in St. Louis

Feb 2013
To Group or Not to Group? Evidence from Mutual Funds
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Saurin Patel, Desautels Faculty of Management, McGill University

Jan 2013
The Effects of Fund Flows on Corporate Investment: a Catering View
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Nelson Camanho, London School of Economics & Financial Markets Group

Jan 2013
The Rise of the Universal Bank: Financial Architecture and Firm Volatility in the United States
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Farzad Saidi, New York University

Jan 2013
The Wall Street Walk when Blockholders Compete for Flows
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Professor Amil Dasgupta, London School of Economics (LSE) and Centre for Economic Policy Research (CEPR)

Jan 2013
Strategic Acquisitions by Corporate Venture Capital Investors
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Lora Dimitrova, London Business School

Dec 2012
Financial Markets and the Macroeconomy: A Feedback-Based Perspective
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Dr Avanidhar Subrahmanyam, University of Cambridge

Dec 2012
Financing Asset Growth
Professor Michael Brennan, UCLA Anderson School of Management

Nov 2012
Active Ownership
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in association with the Cambridge Corporate Governance Network (CCGN)
Professor Elroy Dimson, London Business School

Nov 2012
Expected Horizon and Household Finance
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Dr Christophe Spaenjers, HEC Paris

Oct 2012
Merger Negotiations with Stock Market Feedback
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in association with the Cambridge Corporate Governance Network (CCGN)
Professor Espen Eckbo, Tuck School of Business, Dartmouth College

Oct 2012
Sentiment and the Capital Asset Pricing Model (CAPM)
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Dr Avanidhar (Subra) Subrahmanyam, University of Cambridge

Oct 2012
Revealing Shorts: An Examination of Large Short Position Disclosures
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Professor Adam Reed, Kenan-Flagler Business School, University of North Carolina

Jun 2012
Ambiguity Aversion, Group Heterogeneity and Corporate Investment
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in association with the Cambridge Corporate Governance Network (CCGN)
Professor Gilles Hilary, INSEAD

Jun 2012
Adventures of an Academic
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Download the presentation slides (pdf, 252KB)
Professor Hayne Leland, Haas Business School

Jun 2012
Fit, Style, and the Portability of Managerial Talent
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in association with the Cambridge Corporate Governance Network (CCGN)
Professor Sudipto Dasgupta, Hong Kong University of Science and Technology

May 2012
Shaping Liquidity: On the Causal Effects of Voluntary Disclosure
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in association with the Cambridge Corporate Governance Network (CCGN)
Professor Alexander Ljungqvist, Stern School of Business, New York University

May 2012
Merger Waves Following Industry Deregulation
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in association with the Cambridge Corporate Governance Network (CCGN)
Professor Alexei Ovtchinnikov, Vanderbilt University

May 2012
The Economics of Solicited and Unsolicited Credit Ratings
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Professor Paolo Fulghieri, Kenan-Flagler Business School, University of North Carolina

May 2012
The Design of Syndicates in Venture Capital
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Professor Lucy White, Harvard Business School

May 2012
A Theory of Income Smoothing when Insiders Know More than Outsiders
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Professor Bart Lambrecht, University of Lancaster

Apr 2012
Finance Can Be a Force for Good in These Tough Economic Times
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Professor Robert Shiller, Yale University

Apr 2012
The Expertise of Mutual Fund Managers
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Professor Werner de Bondt, DePaul University in Chicago

Apr 2012
Financial Innovation: The Bright and the Dark Sides
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Professor Chen Lin, Chinese University of Hong Kong (CUHK)

Mar 2012
Market Reactions to Securitisation Retained Interest Impairments During the Financial Crisis of 2007-2008: Are Implicit Guarantees Worth the Paper They're Not Written On?
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Professor Wayne Landsman, UNC Kenan-Flagler

Mar 2012
The Effect of Liquidity on Governance
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in association with the Cambridge Corporate Governance Network (CCGN)
Professor Emanuel Zur, Baruch College, The City University of New York

Feb 2012
New Evidence on the First Bubble
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Dr Rik Frehen, Tilburg University Finance Group

Nov 2011
Window Dressing in Mutual Funds
in association with the Cambridge Corporate Governance Network (CCGN)
Professor Vikas Agarwal, Mark Robinson College of Business, Georgia State University

Oct 2011
Do Hedge Funds Supply or Demand Immediacy?
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MrPetri Jylhä, Aalto University School of Economics

Oct 2011
Specialisation, Productivity and Financing Constraints
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in association with the Cambridge Corporate Governance Network (CCGN)
Professor Robert Marquez, Boston University School of Management

The Joseph Stiglitz Distinguished Speaker Series in Finance

Cambridge Judge Business School's Joseph Stiglitz Distinguished Speaker Series in Finance was launched in 2011. Find out more

EFA 2013

Now recognised as one of the world's leading conferences on Finance, the 40th EFA (European Finance Association) Annual Conference was hosted by Cambridge Judge Business School on 28-31 August 2013 and held on the campus of the University of Cambridge. The Programme Chair was Professor Raghavendra Rau, Sir Evelyn de Rothschild Professor of Finance at Cambridge Judge Business School.

Visit the EFA 2013 website

Seminars are added as they are arranged.

View a list of all Cambridge Judge research seminars