Finance & Accounting Subject Group
About the Group
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
EFA 2013
Now recognised as one of the world's leading conferences on Finance, the 40th EFA (European Finance Association) Annual Conference will be hosted by Cambridge Judge Business School on 28-31 August 2013 and held on the campus of the University of Cambridge. The Program Chair is Professor Raghavendra Rau, Sir Evelyn de Rothschild Professor of Finance at Cambridge Judge Business School.
- List by seniority
- List alphabetically
Faculty
Professors
- Dimson, Elroy
Co-Director of the Centre for Endowment Asset Management (CEAM) - Dissanaike, Gishan
Adam Smith Professor of Corporate Governance - Lambrecht, Bart
Professor of Finance, 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
Lecturers
- Amel-Zadeh, Amir
University Lecturer in Finance - Chambers, David
Co-Director of the Centre for Endowment Asset Management (CEAM), University Lecturer in Finance - Chu, Jenny
University Lecturer in Accounting - Nguyen, Bang Dang
University Lecturer in Finance - Saffi, Pedro
University Lecturer in Finance - Saidi, Farzad
University Lecturer in Finance - Szilagyi, Peter
Director of the MPhil in Finance Programme, University Lecturer in Finance - Taylor, Simon
Director of the Master of Finance Programme, University Lecturer in Finance
Other members
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.
- Hayne Leland
Pembroke Visiting Professor of Finance, Easter 2012
University of California, Berkeley, Haas School of Business - Avanidhar Subrahmanyam
Pembroke Visiting Professor of Finance, Michaelmas 2012
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 - Anthony Saunders
Pembroke Visiting Professor of Finance, Lent and Easter 2014
New York University, Stern School of Business - David Yermack
Pembroke Visiting Professor of Finance, Lent and Easter 2016
New York University, Stern School of Business
Fellows & Associates
- Alexander, Kern
Senior Research Associate, Centre for Financial Analysis and Policy (CFAP) - Allen, Peter
Fellow in Finance - Botsari, Antonia
Associate in Accounting and Finance - Burnham, John
Fellow in Infrastructure Finance - Cavalla, Nick
Fellow in Finance - Chatterjee, Robin
Fellow in Accounting - Dahya, Jay
Research Fellow in Economics & Finance (Visiting) - Dimson, Elroy
Professor of Finance (Visiting) - Doukas, John
Fellow in Finance - Evans, Owain
Fellow in Finance - Goh, Lisa
Associate in Accounting - Hardy, Ben
Fellow in Management, Finance & Physiology (Visiting) - Jones, Chris
Fellow in Finance - Li, Kevin
Associate in Finance - Lim, Kim-Hwa
Fellow in Finance and Financial Reporting - Ljungqvist, Alexander
Santander Visiting Fellow - Newton, David
Research Fellow in Finance (Visiting) - Reynoso del Valle, Alejandro
Fellow in Finance (Visiting) - Schill, Michael
Santander Visiting Fellow - Stefanowski, Bob
Fellow in Finance - Tweedie, David
Fellow in Accounting - Wardrop, Robert
Research Fellow in Sociology & Finance - Wild, Ken
Fellow in Accounting
PhD students
- Du, Lishan
PhD Candidate - Faasse, Jonathan
PhD Candidate - Foo, Justin
PhD Candidate - Ferguson, Nicky
PhD Candidate - Kuppen, Stefan
PhD Candidate - Malikkidou, Despo
PhD Candidate - Markou, Andreas
PhD Candidate - McLaren, Kirsty
PhD Candidate - Nimmanunta, Kridsda
PhD Candidate - Wong, Chong Wei
PhD Candidate
Publishing output
The Faculty have published in leading international 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 Finance, and the Journal of Corporate Finance. Here are a selection from the last few years:
Chambers, D. and Dimson, E. (2013) "Keynes the stock market investor." Journal of Financial and Quantitative Analysis (forthcoming) (available online via the SSRN)
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)
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)
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)
Rau, P.R., Bigelli, M. and Mehrotra, V. (2011) "Why are shareholders not paid to give up their voting privileges? Unique evidence from Italy." Journal of Corporate Finance, 17(5): 1619-1635 (DOI: 10.1016/j.jcorpfin.2011.09.005)
Szilagyi, P.G. and Renneboog, L. (2011) "The role of shareholder proposals in corporate governance." Journal of Corporate Finance, 17(1): 167-188 (DOI: 10.1016/j.jcorpfin.2010.10.002)
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)
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)
Seminars
The Finance & Accounting Seminar Series
The Finance & Accounting group runs a regular seminar series during term time. Some recent seminars have included:
Date |
Seminar title |
Speaker |
|---|---|---|
| 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 and speaker bio 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 and speaker bio 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) |
Mr Andrea 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) |
Mr Onur 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 Download the abstract for this seminar (pdf, 18KB) |
Saurin Patel, Desautels Faculty of Management, McGill University |
| Jan 2013 | The Effects of Fund Flows on Corporate Investment: a Catering View Download the abstract and speaker bio for this seminar (pdf, 12KB) |
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 Download the abstract for this seminar (pdf, 13KB) |
Farzad Saidi, New York University |
| Jan 2013 | The Wall Street Walk when Blockholders Compete for Flows Download the abstract for this seminar (pdf, 12KB) |
Professor Amil Dasgupta, London School of Economics (LSE) and Centre for Economic Policy Research (CEPR) |
| Jan 2013 | Strategic Acquisitions by Corporate Venture Capital Investors Download the abstract for this seminar (pdf, 12KB) |
Lora Dimitrova, London Business School |
| Dec 2012 | Financial Markets and the Macroeconomy: A Feedback-Based Perspective Download the abstract for this seminar (pdf, 16KB) |
Dr Avanidhar Subrahmanyam, University of Cambridge |
| Dec 2012 | Financing Asset Growth | Professor Michael Brennan, UCLA Anderson School of Management |
| Nov 2012 | Active Ownership Download the abstract for this seminar (pdf, 12KB) in association with the Cambridge Corporate Governance Network (CCGN) |
Professor Elroy Dimson, London Business School |
| Nov 2012 | Expected Horizon and Household Finance Download the abstract and speaker bio for this seminar (pdf, 13KB) |
Dr Christophe Spaenjers, HEC Paris |
| Oct 2012 | Merger Negotiations with Stock Market Feedback Download the abstract for this seminar (pdf, 12KB) 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) Download the abstract and speaker bio for this seminar (pdf, 16KB) |
Dr Avanidhar (Subra) Subrahmanyam, University of Cambridge |
| Oct 2012 | Revealing Shorts: An Examination of Large Short Position Disclosures Download the abstract for this seminar (pdf, 13KB) |
Professor Adam Reed, Kenan-Flagler Business School, University of North Carolina |
| Jun 2012 | Ambiguity Aversion, Group Heterogeneity and Corporate Investment Download the abstract for this seminar (pdf, 11KB) in association with the Cambridge Corporate Governance Network (CCGN) |
Professor Gilles Hilary, INSEAD |
| Jun 2012 | Adventures of an Academic Download the abstract and speaker bio for this seminar (pdf, 11KB) Download the presentation slides (pdf, 252KB) |
Professor Hayne Leland, Haas Business School |
| Jun 2012 | Fit, Style, and the Portability of Managerial Talent Download the abstract for this seminar (pdf, 11KB) 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 Download the abstract for this seminar (pdf, 10KB) 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 Download the abstract for this seminar (pdf, 10KB) in association with the Cambridge Corporate Governance Network (CCGN) |
Professor Alexei Ovtchinnikov, Vanderbilt University |
| May 2012 | The Economics of Solicited and Unsolicited Credit Ratings Download the abstract for this seminar (pdf, 11KB) |
Professor Paolo Fulghieri, Kenan-Flagler Business School, University of North Carolina |
| May 2012 | The Design of Syndicates in Venture Capital Download the abstract and speaker bio for this seminar (pdf, 11KB) |
Professor Lucy White, Harvard Business School |
| May 2012 | A Theory of Income Smoothing when Insiders Know More than Outsiders Download the abstract and speaker bio for this seminar (pdf, 10KB) |
Professor Bart Lambrecht, University of Lancaster |
| Apr 2012 | Finance Can Be a Force for Good in These Tough Economic Times Download the abstract and speaker bio for this seminar (pdf, 12KB) |
Professor Robert Shiller, Yale University |
| Apr 2012 | The Expertise of Mutual Fund Managers Download the abstract and speaker bio for this seminar (pdf, 11KB) |
Professor Werner de Bondt, DePaul University in Chicago |
| Apr 2012 | Financial Innovation: The Bright and the Dark Sides Download the abstract and speaker bio for this seminar (pdf, 12KB) |
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? Download the abstract and speaker bio for this seminar (pdf, 11KB) |
Professor Wayne Landsman, UNC Kenan-Flagler |
| Mar 2012 | The Effect of Liquidity on Governance Download the abstract and speaker bio for this seminar (pdf, 10KB) 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 Download the abstract and speaker bio for this seminar (pdf, 11KB) |
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? Download the abstract and speaker bio for this seminar (pdf, 10KB) |
Mr Petri Jylhä, Aalto University School of Economics |
| Oct 2011 | Specialisation, Productivity and Financing Constraints Download the abstract and speaker bio for this seminar (pdf, 10KB) 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 »
Honours and others
Editorships
- Gishan Dissanaike: Guest Editor, European Financial Management, Special Issue 16(5): Corporate Governance and Control, 2010
- Raghavendra Rau: Co-editor, Financial Management, 2011-2014
- Raghavendra Rau: Associate Editor, International Review of Finance, 2010-2013
- Raghavendra Rau: Associate Editor, Quarterly Journal of Finance, 2011-2014
- Peter Szilagyi: Subject Editor (Corporate Finance), International Review of Financial Analysis, 2012-present
- Peter Szilagyi: Guest Editor, Emerging Markets Review, Special Issue: Corporate Governance in Emerging Markets, with Craig Doidge (forthcoming)
- Peter Szilagyi: Guest Editor, European Financial Management, Special Issue 16(5): Corporate Governance and Control, 2010
Grants and awards
- 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
- Peter Szilagyi, SWIFT Institute, "The Path to Currency Internationalization: Is There a Tipping Point?", with Jonathan Batten, Grant Agreement 2012-001, 2012
- 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
- Peter Szilyagi, Emittenti Titoli S.p.A., "Shareholder Engagement at European General Meetings", with Luc Renneboog, part of the project "Corporate Governance for Listed Companies: What's New and What's Needed after the Financial Crisis" coordinated by Massimo Belcredi and Guido Ferrarini, 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: Programme Chair, European Finance Association, Cambridge, 2013
- Raghavendra Rau: Programme Co-Chair, Annual FMA-Napa Conference on Financial Markets, 2012-2013
- 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
- Peter Szilagyi: 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
Industry engagement
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. Examples include:
- Peter Szilyagi: 2010-2011 World Bank, external consultant for "Corporate Bond Market Development India - Technical Study on Investment Regulations of Institutional Investors" (DEA/SEBI-Corp/10/5)
Financial databases
The group has access to a comprehensive range of financial data via the School and University subscriptions *:
- Bloomberg
- Capital IQ
- Compustat (via WRDS)
- CRSP (via WRDS)
- Datastream
- Eventus (via WRDS)
- Execucomp (via WRDS)
- Fame
- I/B/E/S (via WRDS)
- Investext
- RatingsXpress (via WRDS)
- RiskMetrics (via WRDS)
- SDC Platinum
- Thomson ONE Banker
- TRACE (via WRDS)
- WRDS
Find out more about the databases available at the School
* Information correct as of February 2012