Directors
Elroy Dimson
Professor of Finance and Director of Research at Cambridge Judge Business School, University of Cambridge, Co-Founder and Chairman of Centre for Endowment Asset Management
Sarah Carter
CEAM Executive Director
Sarah Carter is Executive Director of the University of Cambridge’s Centre for Endowment Asset Management, and previously set up and managed the Master of Finance at Cambridge Judge Business School. Before that, she worked for Plan International and for the United Nations Association. She has undertaken PhD coursework and research at the University of Wales, Aberystwyth, and was awarded an MA with distinction in International Studies by Durham University and a BA (Hons) in Psychology by the University of Hertfordshire.
Oğuzhan Karakaş
CEAM Co-Director & Associate Professor in Finance, Cambridge Judge Business School
David Chambers
CEAM Co-Director & Invesco Professor of Finance, Cambridge Judge Business School
Centre staff
Merve Karakaş
CEAM Centre Manager
Merve is Centre Manager of the University of Cambridge’s Centre for Endowment Asset Management (CEAM). Prior to joining CEAM, she was practicing corporate law in Turkey as an in-house lawyer in Istanbul. Merve holds LLM in Economic Law from Galatasaray University, and LLB from Istanbul University.
Ting Yu
PhD Candidate
BA (University of Manchester), MPhil (University of Cambridge)
Ting is a Post-Doctoral Research Associate at the Centre for Endowment Asset Management at Cambridge Judge Business School, University of Cambridge. Her research interests include empirical corporate finance, corporate governance, environmental, social and corporate governance (ESG) issues, and shareholder activism. She holds an MPhil and a PhD from the University of Cambridge.
Annwen Gray
Centre Administrator
Annwen is Administrator for the University of Cambridge’s Centre for Endowment Asset Management (CEAM). Prior to joining CEAM, she was worked within Recruitment and Admissions School for the Master Business at Cambridge Judge Business School.
William Goetzmann
Research Fellow (Finance), Cambridge Judge Business School
Edwin J Beinecke Professor of Finance & Management Studies, Yale School of Management
Raghavendra Rau
Sir Evelyn de Rothschild Professor of Finance, Cambridge Judge Business School
Pedro Saffi
Professor of Finance, CUNEF Universidad, Spain
Pedro is Professor of Finance at CUNEF in Madrid. He was previously Professor of Financial Economics at the University of Cambridge (2011–2025), where he also directed the Master of Finance program.
He obtained his PhD in Finance from London Business School in 2007 and was an Assistant Professor of Finance at IESE in Spain between 2007 and 2011. Before that, an MSc. in Economics from Fundação Getulio Vargas (2002) and a BA in Economics from IBMEC Business School (1999), both in Rio de Janeiro, Brazil.
His research covers security lending markets, short selling, and limits to arbitrage, with publications in leading journals such as the Journal of Finance, Review of Financial Studies, Management Science, and JFQA. He has presented widely at top academic conferences and contributed to the popular press. His work has earned multiple awards, including the Q Group research award (2012), Inquire Europe honors (2013, 2018), the NAC & Blackrock Innovation in Corporate Governance prize (2015), and the Crowell prize (2015).
His professional experience includes working as a consultant to Mondrian Investment Partners, as a corporate valuation expert for the United Nations’ Permanent Court of Arbitration, consulting companies, and for real estate and pharmaceutical companies.
Vaska Atta-Darkua
Assistant Professor of Finance at the Freeman College of Management at Bucknell University
Vaska is an Assistant Professor of Finance at the Freeman College of Management at Bucknell University. She was previously a Postdoctoral Research Associate at Darden Business School, University of Virginia and a PhD in Finance Candidate at Judge Business School, University of Cambridge. Vaska’ research focuses on institutional investors, responsible investing, historical finance, and technological innovations.
She was recently awarded a $25,000 research grant from the Externality Investment Research Network for a joint research project with Dr. Ellen Quigley at the University of Cambridge.
In 2024, Vaska won theFrench Finance Association (AFFI) Research Prize in Historical Finance, Honoring the Memory of Professor Georges Gallais-Hamonno.
Junxuan Wang
Visiting Associate
Elias Ohneberg
Affiliate and Former Research Associate at CEAM
Assistant Professor of Finance, ESCP Business School, Madrid
Elias is a Post-Doctoral Research Associate at the Centre for Endowment Asset Management at Cambridge Judge Business School, United Kingdom. His research explores incentive problems in the asset management industry. His most recent work highlights the beneficial effects of employee satisfaction and the harmful effects of portfolio manager workplace connectedness on incentive alignment and, ultimately, performance in the mutual fund industry. He holds a PhD in Management Studies (Finance) from the Cambridge Judge Business School, University of Cambridge.
Brandon A McBride
PhD Candidate
MPhil (University of Cambridge)
Kenneth Blay
Fellow
Xi Li
Research Fellow, Centre for Endowment Asset Management
Associate Professor of Accounting, LSE
Lucio Sarno
Professor of Finance
Research interests
Lucio Sarno researches empirical asset pricing; international finance, and especially foreign exchange markets; macro-finance; microstructure of financial markets.
Laura Starks
Research Fellow (Finance), Cambridge Judge Business School
George Kozmetsky Centennial University Distinguished Chair at the McCombs School of Business, University of Texas at Austin
Annalisa Tonetto
Post-Doctoral Research Associate, Cambridge Judge Business School
Annalisa Tonetto is a Post-Doctoral Research Associate at Cambridge Judge Business School, United Kingdom. Her research interests are board of directors’ composition, institutional ownership, natural capital. She is particularly focused on network analyses and applications of methodologies for causal inference, causal identification, quasi-random experiments. She is enthusiastic about accomplishing inter-disciplinary research. She holds a PhD in Finance from EDHEC Business School (France) and has worked for finance departments in several industries prior to entering academia. Annalisa has lived, studied, and worked in Italy, Switzerland, United Kingdom, and France. Besides work, she likes hiking.
Jason Cen
Affiliate and Former Research Associate at CEAM
Lecturer in Finance, the University of Exeter Business School
Zhenkai Ran
PhD Candidate
BA (University of Manchester), MPhil, MRes (University of Cambridge)
