CEAM research

Evidence-based research on long-horizon asset management

How can we ensure asset owners with a focus on long-horizon investing have access to high quality research to guide best practice?

Our mission is to provide support for high quality academic research that explores this area of asset management and that facilitates decision making amongst investment practitioners.

Research themes

Our goals are to add value to the research community and to extend the research developed by this community, beyond academia into policy and practise. We aim to support our network of researchers by enhancing the resources available to them, providing forums through which to formalise and strengthen these networks and to facilitate engagement with the investment practitioners making key decisions on long-horizon investing in asset management.

Investing over the long term

This area explores traditional investment themes like asset allocation, governance, risk and return, but with a research focus on how these relate to investors with a long investment horizon.

Projects

US endowment funds
Global investment returns
Models of long-horizon investing
Corporate bonds and the credit premium
Long-run asset returns

Alternative assets over the long term

This area explores the long-term performance and behaviour of alternative asset classes like real estate and commodities as well as collectable assets like art, wine and coins.

Projects

Financial history

This covers 18th century ‘structured finance’ and currency speculation in the Middle Ages, to stock market performance in the 20th and 21st centuries as well as an overview of Economist and investor John Maynard Keynes.

Projects

History of financial markets
Keynes
Indian equity returns since 1900
The beginnings of corporate credit rating agencies

Corporate voting

This research theme explores how shareholder and creditor voting power is priced, traded, and exercised—and how these mechanisms influence corporate governance structures, firm value and overall market efficiency.

Projects

The Value of Voting Rights:
- Earnings and the Value of Voting Rights
- Staggered Boards and the Value of Voting Rights
- Oracles of the Vote: Predicting the Outcomes of Proxy Contests
- De-facto Voting Power and the Value of Voting Rights
ETF Shorting and Shareholder Voting

Sustainability and responsible ownership

Our academic research in this area advances understanding of how sustainability-related risks and opportunities influence investment decision-making, portfolio construction, and company performance. This work examines how investors use stewardship, voting, and collaborative engagement to shape corporate behaviour, promote transparency, and strengthen sustainability practices.

Projects

Coordinated Engagements
Active ownership
Materiality

Biodiversity & natural resource finance

This area explores how capital markets, financial innovation, and investor engagement can be harnessed to protect ecosystems, value nature, and close the investment gap needed to sustain biodiversity.

Projects

Biodiversity Finance Initiative
Natural Social and Financial Capitals
Do Financial Markets Price the Real Effects of Pollution?

Foreign Exchange Markets

This area explores the macroeconomic forces, market structures, and investor behaviours that shape currency dynamics in global financial markets, including their impact on exchange rate movements, risk premia, and investment opportunities. It also examines large moves in the FX market, providing insights into periods of heightened volatility and pricing discontinuities.

Projects

The Trade Imbalance Network and Currency Returns
Factor Models of Asset Returns and Bear Market Risk
Large moves in the FX market
Currency regimes, liquidity and currency risk premia

CEAM Research Awards

Research awards are an excellent way to identify and promote high quality research globally in areas relevant to long-horizon investors. Priority is given to research excellence, novel insights and applicability to asset management, and to the researchers who have received their doctorates within the last five years.

2025 Consortium on Asset Management – Best Paper Award