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. 

Stats on tablet showing CEAM research data.

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

  1. A long-run study of real estate risk and return
  2. Collectible assets
  3. Emotional yields of collectibles

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

  1. Natural Social and Financial Capitals
  2. Flora, Fauna and Fairness

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.

The value of voting rights

  1. Earnings and the value of voting rights
  2. Staggered boards and the value of voting rights
  3. Oracles of the vote: Predicting the outcomes of proxy contests
  4. De-facto voting power and the value of voting rights

ETF Shorting and Shareholder Voting

  1. ETF shorting and shareholder voting

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

  1. History of financial markets
  2. Keynes
  3. Indian equity returns since 1900

 

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

  1. Large moves in the FX market
  2. US rate shocks & currency returns
  3. Downside risk & currency returns
  4. Trade networks & currency performance
  5. Rethinking currency risk premia
  6. How bear markets change risk
  7. Currency regimes, liquidity & currency risk premia

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

  1. Corporate bonds and the credit premium
  2. Global investment returns
  3. Long-run asset returns
  4. Models of long-horizon investing
  5. US endowment funds

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

  1. Coordinated Engagements
  2. Active Ownership
  3. Materiality

CEAM awards and recognition

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 5 years. 

Paper by academics at the Centre for Endowment Asset Management at Cambridge Judge Business School is awarded Honourable Mention in the prestigious Moskowitz Prize for outstanding research on sustainable and responsible investing.

"The Cambridge Symposium on Foreign Exchange Markets reflects Cambridge’s enduring commitment to rigorous research in international finance.

Cambridge Judge Business School hosted scholars and practitioners involved in foreign exchange issues at the 2025 Symposium on Foreign Exchange Markets, which covered such topics as FX liquidity, risk management, central bank interventions and the impact of AI and digital currencies on currency markets.

Professor Elroy Dimson receiving his award at the ceremony on 13 March.

The Lifetime Achievement Award from PAM Insights cites his work in research, teaching and for producing with academic colleagues an essential asset-returns database.

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