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.

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

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.

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

The beginnings of corporate credit rating agencies: how much did they disagree
Indian equity returns since 1900
History of financial markets
Keynes

Foreign Exchange Markets

This research theme 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

US interest rate surprises and currency returns
Currency return dynamics: what is the role of US macroeconomic regimes?
Value and momentum leftovers
A general randomised test for alpha
Dynamic currency mis-pricing and arbitrage profits
Large moves in the foreign exchange market

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

Subadvisor turnover and mutual fund performance
Corporate credit ratings
US endowment funds
Global investment returns
The investment experience of long-horizon investors.

Sustainability and responsible ownership

Our academic research in this area develops understanding and knowledge of how environmental, social and governmental (ESG) factors influence investment decision-making, portfolio construction and company performance.

Projects

Biodiversity and natural resource finance
Active ownership
Materiality

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