Publications

Professional journal articles

Chambers, D., Dimson, E. and Ilmanen, A. (2021) “The Norway Model in perspective” The Journal of Portfolio Management.

Atta-Darkua, V., Chambers, D., Dimson, E., Ran, Z. and Yu, T. (2020) “Strategies for Responsible Investing: Emerging Academic Evidence” Journal of Portfolio Management published online January 2020 (DOI: 10.3905/jpm.2020.46.3.026)

Chambers, D., Dimson, E. and Kaffe, C. (2020) “75 Years of investing for future generations” Financial Analysts Journal.

Dimson, E., Marsh, P. and Staunton, M. (2020) “Exclusionary screening” Journal of Impact and ESG Investing Fall 2020, 1 (1) 66-75;

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 ESG Special Issue 2020.

Dimson, E., Marsh, P. and Staunton, M. (2020) “Divergent ESG Ratings” The Journal of Portfolio Management – Received 22nd Annual Bernstein Fabozzi/Jacobs Levy Best Paper Award

Jones, B. (2017) “Leaning with the Wind: Long-term asset owners and procyclical investing” Journal of Investment Management (Forthcoming)

Chambers, D. and Dimson, E. (2015) “The British origins of the US endowment model” Financial Analysts Journal, 71(2), 10-14. (Graham and Dodd Best Perspectives Award Winner)

Chambers, D. and Smith, R. (2015) “Perspectives on the management of university and college endowments: Asset Allocation, Spending, and Wealth” Journal of Applied Finance, 25(1): 31-45.

Dimson, E. and Spaenjers, C. (2014), Investing in emotional assets. Financial Analysts Journal, 70(2): 18–22.

Takaki, S. (2014) “Stakeholders Perspectives on Norwegian investment responsibility” Journal of Investment Management, 12(1): 33-44

Towner, M. (2014) !Norway’s summit on responsible investing” Journal of Investment Management, 12(1): 20-32

Chambers, D., Dimson, E. and Ilmanen, A. (2012) “The Norway model” Journal of Portfolio Management, 38(2): 67–81. (Bernstein Fabozzi/Jacobs Levy Outstanding Article Award)

Books and monographs

David Chambers and Elroy Dimson (eds), 2016, Financial Market History. CFA Institute Research Foundation (December).

Elroy Dimson and Paul Marsh, 2016, Smaller Companies Index: Annual Review 2016. London: Numis.

Elroy Dimson, Paul Marsh and Mike Staunton (eds), 2016, Global Investment Returns Sourcebook 2016 Zurich: Credit Suisse Research Institute.

Elroy Dimson, Paul Marsh and Mike Staunton (eds), 2016, Global Investment Returns Yearbook 2016. Zurich: Credit Suisse Research Institute.

Elroy Dimson and Paul Marsh, 2015, Smaller Companies Index: Annual Review 2015. London: Numis.

Elroy Dimson, Paul Marsh and Mike Staunton (eds), 2015, Global Investment Returns Sourcebook 2015 Zurich: Credit Suisse Research Institute.

Elroy Dimson, Paul Marsh and Mike Staunton (eds), 2015, Global Investment Returns Yearbook 2015. Zurich: Credit Suisse Research Institute.

Book chapters

Elroy Dimson, Paul Marsh and Mike Staunton, 2016, Long-term asset returns. In D Chambers and E Dimson, Financial Market History, CFA Institute Research Foundation.

Elroy Dimson, Paul Marsh and Mike Staunton, 2016, Does hiking damage your wealth? Global Investment Returns Yearbook, 5–13.

Elroy Dimson, Paul Marsh and Mike Staunton, 2016, Cycling for the good of your wealth. Global Investment Returns Yearbook, 15–25.

David Chambers, Elroy Dimson and Antti Ilmanen, 2015, How the Norway model evolved. In FJ Fabozzi, BI Jacobs and KN Levy The Bernstein Fabozzi/Jacobs Levy Awards: Volume Three, Institutional Investor Inc.

Elroy Dimson, 2015, Commentary. In D Carney, Inclusive Capitalism: The Pathway to Action, Coalition for Inclusive Capitalism, 145–146.

Elroy Dimson, Paul Marsh and Mike Staunton, 2015, Industries: their rise and fall. Global Investment Returns Yearbook, 5–15.

Elroy Dimson, Paul Marsh and Mike Staunton, 2015, Responsible investing: does it pay to be bad?, Global Investment Returns Yearbook, 17–27.

Elroy Dimson, Paul Marsh and Mike Staunton, 2014, Emerging markets revisited. Global Investment Returns Yearbook, 5–15.

Elroy Dimson, Paul Marsh and Mike Staunton, 2014, The growth puzzle. Global Investment Returns Yearbook, 17–29.

Elroy Dimson, Paul Marsh and Mike Staunton, 2014, A framework for responsible investing. In D Carney and C Freeland, Making Capitalism More Inclusive. Coalition for Inclusive Capitalism.

Elroy Dimson and Christophe Spaenjers, 2014, The investment performance of art and other collectibles. In A Dempster Risk and Uncertainty in the Art World, Bloomsbury Publishing, 219–238.

Teaching cases

David Chambers, Elroy Dimson, Arthur Segel and Eva Steiner, 2016, The Role of Real Estate in Endowment Portfolios: The Case of Christ Church, Oxford. Harvard Business School Case 9-216-086.

David Chambers, Elroy Dimson and Luis Viceira, 2016, Clare College, Cambridge: Seeking Investment Opportunity in a Financial Crisis. Harvard Business School Case 9-216-05.

David Chambers, Elroy Dimson and Luis Viceira, 2016, Models of Endowment Asset Management: King’s College, Cambridge. Harvard Business School Case 9-216-023.

David Chambers, Tom Nicholas and Matthew Prebble, 2015, Silicon Fen. Harvard Business School Case 9-815-082.

Pedro Saffi and Jan Simon, 2014, Squeeze to Infinity: Porsche’s Attempt to Acquire Volkswagen, IESE Publishing, Case F-848-E

Reports and statements

Chester Spatt, Arnoud Boot, Dennis Logue, Elroy Dimson and FER members, 2016, Corporate Tax Policy. Financial Economists Roundtable.

Jennifer Conrad, Jonathan Karpoff, Craig Lewis, Jay Ritter, Elroy Dimson and FER members, 2015, Statement of the Financial Economists Roundtable: Crowdfunding. Financial Economists Roundtable.

David Chambers, Elroy Dimson and Justin Foo, 2014, Keynes, King’s and endowment asset management. Paper 20421, National Bureau of Economic Research.

Larry Harris, Pete Kyle, Eric Sirri, Elroy Dimson and FER members, 2014, The structure of trading in bond markets. Financial Economists Roundtable.

Martin Skancke, Elroy Dimson, Michael Hoel, Magdalena Kettis, Gro Nystuen and Laura Starks, 2014, Fossil-Fuel Investments in the Norwegian Government Pension Fund Global. Oslo: Norwegian Ministry of Finance.

Elroy Dimson, Idar Kreutzer, Rob Lake, Hege Sjo and Laura Starks, 2013 Responsible Investment and the Norwegian Government Pension Fund Global. Oslo: Norwegian Ministry of Finance.

Larry Harris, Jay Ritter, Stephen Schaefer, Elroy Dimson, and FER members, 2013, Taxes on financial transactions. Financial Economists Roundtable.

Talks and presentations

CFA UK Conference: ESG Investing – The Practical Realities, London, 29 October 2019

Professor Elroy Dimson was a speaker at the CFA UK ESG Investing Conference on October 29th, 2019 in London.

View the conference programme

Professor Dimson’s session at the event was on the topic of good practice in ESG stewardship and engagement. He has shared his research findings on “Active Ownership” and “Coordinated Engagements”, both written jointly with two colleagues, Oğuzhan Karakaş, University Senior Lecturer in Finance at the University of Cambridge and Xi Li, Associate Professor at London School of Economics.

In “Active Ownership”, which is published in the Review of Financial Studies, Professor Dimson and his co-authors analyse the history of a major asset owner who engages with US companies and find that stock prices of companies that were engaged, where the engagement was successful, went up and relative to the market, those engaged where there was no success did not decline, they just performed neutrally.

In “Coordinated Engagements”, which is a working paper, Professor Dimson and his co-authors analyse the dataset of coordinated engagements provided by the Principles for Responsible Investing (PRI), and reveal the importance and tactics of collaborating with others to achieve common objectives.

You can hear more from Professor Elroy Dimson discussing his thoughts on good practice in ESG stewardship and engagement on the csuite podcast website.

Promoting Sustainable Finance Conference, Brussels, Belgium, 8-9 January 2019

On 8-9 January 2019, the European Commission’s Technical Expert Group on Sustainable Finance (TEG) and the Community of Practice in Financial Research (CoPFiR) hosted an academic conference on Promoting Sustainable Finance at the European Commission in Brussels. The goal of the conference was to draw insight from academic research that address the challenges of mobilising financing for green and sustainable investments and for researchers to promote the exchange of ideas and knowledge between academics, professionals and policy makers.

Dr Oğuzhan Karakaş, Senior Lecturer at the University of Cambridge and Fellow of the University’s Centre for Endowment Asset Management, chaired the session “Intuitional Investors” and  presented a working paper entitled Coordinated Engagements, which he co-authored with Prof Elroy Dimson (University of Cambridge) and Dr Xi Li (London School of Economics).

Vaska Atta-Darkua, PhD candidate at Cambridge Judge Business School, also participated in the conference. Vaska chaired the session “Low carbon Indices & their design” and presented a working paper from her PhD thesis entitled Corporate Ethical Behaviours and Equity Value. 

The two-day event consisted of a blend of panels and academic sessions in various subjects including Green Bonds & Green Banking, Low Carbon Transition & Activities, Institutional Investors and Ecolabels & Retail Investors.

View the conference programme