Game changers video series

Invesco and Cambridge Judge Business School are proud to present a new video series showcasing the power of innovation and disruption.

Academic journal articles

Chambers, D., Spaenjers, C. and Steiner, E.M. (2021) “The rate of return on real estate: long-run micro-level evidence” The Review of Financial Studies.

Dimson, E., Karakaş, O. and Li, X. (2021) “Coordinated engagements” European Corporate Governance Institute – Finance Working Paper No. 721/2021

Chambers, D., Dimson, E. and Spaenjers, C. (2019) “Art as an asset: evidence from Keynes the collector.” Review of Asset Pricing Studies

Accominotti, O. and Chambers, D. (2016) “If you’re so smart: John Maynard Keynes and currency speculation in the interwar years” Journal of Economic History, 76 (2): 342-386. (Lead article)

Gennaro Bernile, Vineet Bhagwat and Raghavendra Rau, 2016, What doesn’t kill you will only make you more risk-loving: early-life disasters and CEO behavior. Journal of Finance, in press.

David Chambers and Ali Kabiri, 2016, Keynes and Wall Street. Business History Review, 90(4): 301-328

Emmanuel De George, Xi Li and Lakshmanan Shivakumar, 2016, A review of the IFRS adoption literature. Review of Accounting Studies, 21(3): 898-1004.

Peter Feldhütter, Edith Hotchkiss and Oğuzhan Karakaş, 2016, The value of creditor control in corporate bonds. Journal of Financial Economics, 121(1): 1-27. (Lead article)

Xi Li and Holly Yang, 2016, Mandatory financial reporting and voluntary disclosure: evidence from mandatory IFRS adoption. The Accounting Review, 91(3): 933-953.

Ethan Namvar, Blake Phillips, Kuntara Pukthuanthong and Raghavendra Rau, 2016, Do hedge funds dynamically manage systematic risk? Journal of Banking and Finance, 64: 1-15

Blake Phillips, Kuntara Pukthuanthong and Raghavendra Rau, 2016, Past performance may be an illusion: performance, flows, and fees in mutual funds. Critical Finance Review, 5(2): 351-398.

Melissa Porras Prado, Pedro Saffi and Jason Sturgess, 2016, Ownership structure, limits to arbitrage and stock returns: evidence from equity lending markets. Review of Financial Studies, 29(12): 3211-3244

Scott Richardson, Pedro Saffi and Kari Sigurdsson, 2016, De-leveraging risk. Journal of Financial & Quantitative Analysis, Forthcoming

Reena Aggarwal, Pedro Saffi and Jason Sturgess, 2015, The role of institutional investors in voting: evidence from changes in lendable shares around corporate votes. Journal of Finance, 70:2309-2346.

Ray Ball, Xi Li and Lakshmanan Shivakumar, 2015, Contractibility and transparency of financial statement information prepared under IFRS: evidence from debt contracts around IFRS adoption. Journal of Accounting Research, 53(5): 915-963

David Chambers, Elroy Dimson and Justin Foo, 2015, Keynes the stock market investor: a quantitative analysis. Journal of Financial and Quantitative Analysis, 50(4): 843-868

Elroy Dimson, Oğuzhan Karakaş and Xi Li, 2015, Active ownership. Review of Financial Studies, 28(12): 3225–3268. (Lead article)

Elroy Dimson, Peter Rousseau and Christophe Spaenjers, 2015, The price of wine. Journal of Financial Economics, 118(2): 431–449. (AAWE best paper award winner)

Xi Li, 2015, Accounting conservatism and the cost of capitalism: an international analysis. Journal of Business Finance & Accounting, 42(5-6):555-582.

David Chambers and Rui Esteves, 2014, The first global emerging markets investor: Foreign and Colonial Investment Trust 1880-1913. Explorations in Economic History, 52: 1-21.

Avner Kalay, Oğuzhan Karakaş and Shagun Pant, 2014, The market value of corporate votes: theory and evidence from option prices. Journal of Finance, 69(3): 1235–1271.

Blake Phillips, Kuntara Pukthuanthong and Raghavendra Rau, 2014, Detecting superior mutual fund managers: evidence from copycats. Review of Asset Pricing Studies, 4(2): 286-321.

David Chambers and Elroy Dimson, 2013, Retrospectives: John Maynard Keynes, investment innovator. Journal of Economic Perspectives, 27(3): 1–18

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

Media coverage

Mint | 12 May 2023

Why commodities shine at a time of stagflation

Credit Suisse’s Global Investment Returns Yearbook, co-authored by Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Mana atis quoted in the article. The data shows “that globally, between   1900 and 2022, both stocks and bonds beat inflation handily, posting annualised real returns of 5% and 1.7% respectively.”

The Economist | 16 April 2023

Five books on the best approaches to being an investor

A book co-authored by Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge Business School, is featured in The Economist. Entitled Triumph of the Optimists: 101 Years of Global Investment Returns is among five books that “provide useful lessons on what approaches to take and, just as importantly, what steps to avoid.” (subscription)

The Economist | 21 June 2022

How attractively are shares now priced?

The Credit Suisse Global Investment Returns Yearbook co-authored by Elroy Dimson, Research Director (Finance) and Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge Business School, is mentioned in this article regarding share prices.

Money Week | 15 March 2022

What’s happened to the small-cap effect?

A study co-authored by Elroy Dimson, Research Director (Finance) and Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge Business School, is mentioned in this article about small-cap stocks.

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