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Cambridge Judge Business School

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.

Visit the EFA 2013 website

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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

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

PhD students

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

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